More businesses and not-for-profits will be eligible for JobKeeper payment extension under a $15.6 billion change to the scheme announced on August 7.
The Government initially outlined the JobKeeper extension guidelines on July 21, but says it needs to extend its criteria after the Victoria Government implemented stricter lockdowns across the state.
Changes from 28 September
The new rules mean that from 28 September, businesses need to show their turnover has fallen by 30 per cent in the September 2020 quarter, compared to the same period last year.
Previously, businesses and not-for-profits hoping to receive JobKeeper needed to prove their turnover had fallen by 30 per cent in the consecutive June and September 2020 quarters, to be eligible in the December quarter. This means businesses that had been performing strongly through April, May and June but have now entered shutdown will be eligible for payments.
Changes to the second extension
For the second JobKeeper extension, which begins on 4 January, businesses will need to show a 30 per cent fall in turnover over the December quarter only in order to qualify for the significantly smaller payment.
Under the previous eligibility requirements, businesses needed to show a fall in turnover for the consecutive June, September and December quarters.
Broadening access for new employees
More employees will also be eligible, with new workers qualifying for payments if they have been employed since July 1, rather than the previous deadline of March 1. These new workers will qualify for payments backdated to 3 August.
The changes will apply across the country, meaning some businesses in other states will qualify, however it is anticipated that $13 billion of the money will be made available to Victorian businesses.
Call us today if you need help managing your business cashflow or applying for government financial assistance during the current crisis.
Information in this article has been sourced from the Treasury website: https://treasury.gov.au/coronavirus/jobkeeper
Did you enjoy this article?
Click below to share it
More News Articles
FBT – How Fringe Benefits Tax Works
FBT is separate to income tax. It’s calculated on the taxable value of the fringe benefit
Tax Alert December 2023
The ATO is getting back to business with it’s lenient approach during the pandemic over, it’s focus now is returning to traditional debt collection
How a Super Recontribution Strategy Could Improve Your Tax Position
The main reason for implementing a recontribution strategy is to reduce the taxable component of your super and increase the tax-free component
Rental investor? How to Get Your Tax Return Right
Extra care is needed when lodging returns with rentals
What to do if You’ve Been Scammed
Know that you are not alone and you can recover from this. There is support available, if and when you need it
Connect Through our Socials
While you may have come to us from a variety of sources, the time has never been better to join us.
Connect through out socials to keep up to date with our latest news and get some tips.