The $1,500 JobKeeper Package – what you need to know

on March 31, 2020 General with 0 comments

$1,500 JobKeeper subsidy to keep staff employed

  • From 30 March 2020 for six months
  • For employees employed at and from 1 March 2020
  • First payments in first week of May 2020
Applies to Based on comparable periods:

  • Employers <$1 bn that have experienced a downturn of more than 30%
  • Employers >$1bn that have experienced a downturn of more than 50%

 

A subsidy of $1,500 per fortnight per employee, administered by the ATO, will be paid to businesses that have experienced a downturn of more than 30% (50% for businesses over $1bn).

To be a part of the subsidy, employers will need to ensure that their employees receive at least $1,500 per fortnight (before tax). See  below link for more detail.

JobKeeper payment

https://treasury.gov.au/coronavirus/jobkeeper

Register your interest

https://www.ato.gov.au/general/gen/JobKeeper-payment/

What we dont know

  • Detail of exactly how the turnover reduction will be calculated
  • How sole traders, contractors, partners in a partnership will access the subsidy (although we know they can)
  • Whether the employer must maintain current salaries for staff who are being paid more than $1,500

 

The Prime Minister has stated that they will recall Parliament to pass the JobKeeper initiative. We’ll keep you updated.

Our team at Lee & Lee are here to help you. Please call us on  07 3103 8551 to discuss further about how we can help you!