This article will help you determine your eligibility for this subsidy for both your business and your employees.
This subsidy is available for employers if:
If you are self-employed and have experienced or expect to experience a 30% decline in turnover relative to a comparable prior period (of at least one month), you are also eligible for this subsidy.
As an employer, you must elect to participate in this scheme by applying to the Australian Taxation Office (ATO) via their official website and demonstrating the downturn in your business. You will also be required to report the number of eligible employees employed on a monthly basis.
If your business is eligible for this subsidy, then each employee that was on your books on 1 March 2020 and who continue to be engaged by you as their employer will be eligible. This includes employees who are:
The employee must also be an Australian citizen, the holder of a permanent visa, a Protected Special Category Visa Holder, a non-protected Special Category Visa Holder who has been residing continually in Australia for 10 years or more, or a Special Category (Subclass 444) Visa Holder.
If you are eligible, you will receive a payment of $1,500 per fortnight per eligible employee monthly in arrears by the ATO. You are able to then top up the $1,500 per fortnight before tax payment for your employee.
This subsidy started as of 30 March 2020, with the first payment to be received in the first week of May.
For more information on the JobKeeper Payment Subsidy refer to the fact sheet released by the Government or please contact us by emailing email@example.com or calling our office on 07 3367 3155.
Remember that Walker Hill is here to help you through these uncertain times.