JobKeeper payment makes up Government’s 3rd stimulus package

JobKeeper payment makes up Government’s 3rd stimulus package

Coronavirus Stimulus Package

As we try to catch a breath from all the chaos going on with Coronavirus, the Australian Government has released their latest stimulus package called the JobKeeper payment. This package is aimed at helping businesses keep their staff, which will be a lifeline for many people over the coming months.

Here a quick overview of what it means:

  • Employers and sole traders will be able to apply for a $1500 JobKeeper flat payment per employer to keep paying their staff.
  • To be eligible, most employers will need to prove they have lost 30% of income (requirements differ for larger businesses with $1b turnover).
  • Those who work for non-for-profits and New Zealanders will also be eligible to the JobKeeper payment
  • The income threshold for the partner of someone who has lost their job has been raised from $48,000 to $79,000 a year.
  • Workers who have already been stood down will be able to access the payment if they lost their job after March 1.
  • The JobKeeper wage subsidy will be a flat payment through the employer.
  • All full time and part time staff are eligible.
  • Casuals who worked for more than 12 months at the business are also eligible.
  • There is no superannuation payable on this payment.

You should also know:

This payment will be paid in arrears. Employers are encouraged to keep paying employees, with the understanding the government will reimburse them $1,500 a fortnight, per employee, backdated to 30 March.

The payments will flow from the first week of May and will be backdated to 30 March 2020.

Prime Minister Scott Morrison stresses that the engine of the economy needs to keep moving and understands the coming weeks may be tough.

This is not yet law, and more info will be added to the government’s website in the coming days.

We are here to help

We know that this is a difficult time for many people, but please remember we are here to help. We aim to help you navigate the issues the coronavirus and it’s impacts raises. If you have any questions about stimulus packages or your business in general, please get in touch with us.

We can set up a phone call or online meeting as we continue to work remotely.

Wishing you and your family all the best.

 

Book a discovery call with Sarah

 


PS. Whenever you’re ready, here are 3 ways we can help you eradicate financial stress in your accounting firm or professional services business – faster …

  1. Sign up to our LinkedIn newsletter, published weekly. You can sign up here: Eradicating Financial Stress

  2. Get our book “Wow – I’m in Business! Your journey from overwhelmed to organised.” It’s full of insights, solutions and downloadable resources you can implement into your business immediately. Click here for your copy: Wow … I’m in Business! – Miss Efficiency

  3. Book a time with me privately and we’ll do a deep dive into your Xero file to help you optimise for cash flow, efficiency and growth. Click here to book: Book a time with Sarah

 

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