On Friday 7 August 2020, the Federal Government announced changes to the JobKeeper Payment arrangements.
The key changes are:
From 3 August 2020, the relevant date of employment for assessing which employees are eligible for the JobKeeper Payment will move from 1 March 2020 to 1 July 2020.
From 28 September 2020, small to medium sized businesses (SMEs) will need to re-assess their eligibility.
From 28 September 2020 to 3 January 2021, SMEs will need to have at least a 30% decline in actual GST turnover in the September 2020 quarter compared to the corresponding quarter in 2019.
From 4 January to 28 March 2021, SMEs will need to have at least a 30% decline in actual GST turnover in the December 2020 quarter compared to the corresponding quarter in 2019.
To help you assess your potential eligibility, and to help you better manage your cash flow, we will contact you regarding your business GST turnover for the September 2019 and December 2019 quarters.
Please note, legislation is necessary to support this measure and the next sitting of Parliament is scheduled for the 24th August 2020.
Article posted Monday 10th August, 2020