$130 billion JobKeeper Payment: Relief for Employers, Employees and Sole Traders
Over the course of a few weeks nearly everyone’s business and life has been turned upside down. It’s been a crazy time with toilet paper shortages, businesses forced to close, an overload of information (and mis-information on social media). With the recent disruption in mind, we want to help support you however we can.
We’ve seen a number of our clients already impacted by the virus and want to assure you that we are here to help. We’re always watching the constantly changing situation, especially in relation to government packages for businesses and employees, and encourage you to get in touch if you need advice – as your accountants, we are familiar with your financial situation, and well positioned to assist you with reliable advice on the options and financial implications for your business.
When faced with making major financial and business decisions, it is important to take the time to get accurate information, and speak to your trusted advisers, especially in stressful circumstances such as these.
For your convenience, we have put together the following information pack on the Government’s $130 billion JobKeeper Payment:
On 30 March, the Government announced the $130 billion JobKeeper Payment to help keep Australians in jobs as we deal with the significant economic impact from the Coronavirus.
For more information please click here for the JobKeeper Payment factsheet
The JobKeeper Payment is valid for Sole Traders too. Businesses without employees, such as the self-employed, can register their interest in applying for the JobKeeper payment via the ATO. An ABN will be required along with the tax file number of the individual the payment is being applied for.
JobKeeper payment – Information for employers
If your business has been significantly impacted by the Coronavirus you will be able to access a wages subsidy to continue paying your employees. Under the JobKeeper program, you will be able to claim a fortnightly payment of $1,500 per eligible employee from 30 March 2020, for a maximum of six months. This assistance will help you keep staff and will help you restart when the crisis is over.
Fact sheet – JobKeeper payment – Information for employers
JobKeeper payment – Information for employees
The JobKeeper payment helps businesses significantly impacted by the Coronavirus cover the costs of their employees’ wages, so more Australians can retain their jobs and continue to earn an income. Your employer will notify you if they intend to claim the fortnightly payment of $1,500 on your behalf.
Fact sheet – JobKeeper payment – Information for employees
Please don’t hesitate to get in touch with our experienced team for objective and accurate advice.