The Prime Minister has been kept very busy over the past few weeks and graced our television screens on more than a few occasions. I love that he is never afraid to make a “Dad joke” even in the face of an epidemic.
Today, together with the Treasurer – the PM announced the JobKeeper payment which aims to assist businesses keep employees ‘on the books.’ Here’s what we know:
- Businesses will receive the Jobkeeper payment of $1,500 per fortnight (before tax) per employee, regardless of their salary and employment type. There is a condition for casuals, where such employees need to have been employed for a period in excess of 12 months.
- Eligibility will be be available where there is a downturn in revenue of more than 30% or 50% for businesses with revenue over $1b. It is unclear what the comparative period is as yet.
- All business entity types will be eligible including sole traders, self employed people, partnerships and trusts.
- The payment will be paid from May 1st but backdated to March 30th, 2020 and the scheme will run for a period of 6 months.
- There will be a legal obligation to employers to ensure that the full amount is passed onto employees.
- The payment will be free from superannuation.
- It is not possible for an employee to receive both JobSeeker and JobKeeper.
This is another “watch this space” announcement. It’s a fantastic one – don’t get me wrong, but we need register, watch and wait.
Parliament must be recalled to pass the legislation and it will be at that point that we truly understand how the payment works and how this will be specifically rolled out. As with the eight (yes you read that correctly) bills passed last week which made up the stimulus package from the first two announcements – it is only when the legislation exists that advice can be given and it is always recommended that you seek specific advice for your own situation.
And hopefully this gives you all a much needed laugh in this current time, while the link above is now valid and working, I did jump onto the ATO site during the PM speech and searched “JobKeeper” and this is what I found…………