Update: 7 April

Further to the announcements made to date on the JobKeeper payment stimulus, Treasury has this morning released a much more comprehensive set of FAQ’s, comprising some 12 pages.

It’s important to note that the JobKeeper arrangements are not yet legislated, and, as such, the details contained in the FAQ’s may change. That said, parliament is scheduled to sit tomorrow (Wednesday 08 April), and Labor has indicated that it will support the measure, which should ensure its passage through both houses of parliament.

FAQ Sheet

In a further announcement yesterday, the Prime Minister and Treasurer announced the detail of the long anticipated “JobKeeper” package.

Information for Employers

To receive the JobKeeper Payment, employers must:

  • Register an intention to apply on the ATO website and assess that they have or will experience the required turnover decline.
  • Provide information to the ATO on eligible employees. This includes information on the number of eligible employees engaged as at 1 March 2020 and those currently employed by the business (including those stood down or rehired). For most businesses, the ATO will use Single Touch Payroll data to pre-populate the employee details for the business.
  • Ensure that each eligible employee receives at least $1,500 per fortnight (before tax). For employees that were already receiving this amount from the employer then their income will not change. For employees that have been receiving less than this amount, the employer will need to top up the payment to the employee up to $1,500, before tax. And for those employees earning more than this amount, the employer is able to provide them with a top-up.
  • Notify all eligible employees that they are receiving the JobKeeper Payment.
  • Continue to provide information to the ATO on a monthly basis, including the number of eligible employees employed by the business.

Employers will be eligible for the subsidy if:

  • their business has a turnover of less than $1 billion and their turnover will be reduced by more than 30 per cent relative to a comparable period a year ago (of at least a month); or
  • their business has a turnover of $1 billion or more and their turnover will be reduced by more than 50 per cent relative to a comparable period a year ago (of at least a month); and
  • the business is not subject to the Major Bank Levy.

The employer must have been in an employment relationship with eligible employees as at 1 March 2020, and confirm that each eligible employee is currently engaged in order to receive JobKeeper Payments.

Fact Sheet

Information for Employees

Eligible employees are employees who:

  • are currently employed by the eligible employer (including those stood down or re-hired);
  • were employed by the employer at 1 March 2020;
  • are full-time, part-time, or long-term casuals (a casual employed on a regular basis for longer than 12 months as at 1 March 2020);
  • are at least 16 years of age;
  • are 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; and
  • are not in receipt of a JobKeeper Payment from another employer.

Employees will receive a notification from their employer that they are receiving the JobKeeper Payment. The majority of employees will need to do nothing further.

Fact Sheet

If you’d like assistance to register for the initiative, please let us know.

Connole Carlisle Financial Services Pty Ltd (ASIC No. 1245297) (ABN 40613295506) is a Corporate Authorised Representative of Merit Wealth Pty Ltd, Australian Financial Services Licence 409361, ABN 89 125 557 002

Luke Worth (ASIC No. 1245700) is a Limited Authorised Representative of Merit Wealth Pty Ltd

Merit Wealth website | Privacy Statement | FSG (Luke Worth)