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Last Wednesday, the Government released details of 'JobKeeper 2.0', an extension to the JobKeeper scheme which was originally set to conclude in September 2020.
The JobKeeper payment has now been extended for a further six months, until 28th March 2021, however, businesses (including sole traders) and not-for-profits will need to consider whether they meet the ongoing eligibility requirements.
The team at Smith Shearer are happy to assist you in assessing whether your business meets the ongoing eligibility requirements, or in answering any questions you may have regarding JobKeeper 2.0. Please contact us if you'd like to discuss the JobKeeper scheme.
From 28th September 2020, the rate of payment has reduced and a lower rate of payment has been introduced for those who work fewer hours:
Payment rates will also reduce over 2 separate periods, as follows:
JobKeeper 2.0 is aimed at businesses and not-for-profits who have experienced an ongoing significant decline in turnover. Therefore, actual GST turnover will be used to assess eligibility, rather than projected GST turnover.
For information regarding the turnover test, see the treasury factsheet below: