Jobkeeper Versions 2.0 and 3.0 announced

Given the recent concern about the looming Jobkeeper deadline of the end of September, the Prime Minister, has announced changes to the JobKeeper scheme. The Treasury’s review found that the subsidy was still “needed” but required a “test to ensure that JobKeeper is well targeted”.  The JobKeeper subsidy has been extended to March 2021, but with some amendments.

This means there will be changes to your current situation and your entitlements will be affected. The details of the changes are being announced now and we will ensure our clients are fully informed as to how this will affect them once we have processed the finer details of these changes.

Here is an overview of what’s changing and when:

JobKeeper 2.0

The next phase of JobKeeper will start at the end of September at a reduced rate. The subsidy will reduce from $1500 per fortnight to $1200 per fortnight for full time workers and those working more than 20 hours per week. For those working less than 20 hours per week will receive $750 per fortnight. This will be based on the amount of hours worked in February (pre-coronavirus).

JobKeeper 3.0

From 4th January 2021 these payments will fall to $1000 per fortnight and to $650 per fortnight for those working less than 20 hours per week.

A new test to see if businesses are eligible

From October, the payment will be subject to a new eligibility test which assesses whether the business recovered in the last 6 months.

Reassessments in October and January

From 28 September 2020, businesses and not-for-profits will be required to reassess their eligibility with reference to their actual GST turnover in the September quarter 2020 to be eligible for job keeper payment from 28 September 2020 to 3 January 2021.

This will need to be proven again in early January based on September quarter figures.

Please note: details surrounding these changes are yet to be legislated so they are subject to change. As more details come to hand, we will pass them on.

Once again we thank you for your support and request your patience as we work through these next set of changes and its ramifications for you.

Once we have all the information on hand from the Government and the ATO and have understood what it means for you, we’ll be in touch.

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