Client Update - JobKeeper 2.0

On Tuesday 21 July 2020 the Government announced an extension to the JobKeeper Payment through to March 2021. The main features of this extension are:

  • Businesses will need to meet a fresh set of eligibility requirements to receive payments from October onwards.
  • These requirements will be more stringent and linked to actual quarterly turnover, rather than projected turnover.
  • Fortnightly payment amounts have been reduced from October.
  • A new payment category for part-time workers (<20 hrs per week) has been established.

Period

Turnover Eligibility

Workers >20 hrs

Workers <20 hrs

28/9/20 to 3/1/21

30% Fall in Turnover in June 2020 and September 2020 quarters

$1,200 per fortnight

$750 per fortnight

4/1/21 to 28/3/21

30% Fall in Turnover in June 2020, September 2020and December 2020 quarters

$1,000 per fortnight

$650 per fortnight

 

We are expecting more commentary to come from ATO in regards to the turnover test. At this stage it would appear the turnover tests relate to actual turnover for the test quarters compared to the same period the previous year.

Other items such as eligibility for employees remain unchanged from the original JobKeeper Payment rules, including the requirement for the employee to have been employed as at 1 March 2020.

We will keep you updated with information as it is released in the next few months before the extension periods start.

If you have any questions, please do not hesitate to get in touch with your LWM contact.