The Federal Government has introduced a subsidy program worth over $130 Billion to support employees and businesses called the JobKeeper Payment.
This program has been designed to assist those businesses that have been impacted by COVID-19 cover the costs of their employees.
For qualifying businesses, the JobKeeper payment is a program where the government will provide $1,500 per fortnight per employee for up to 6 months.
Employers will be eligible for the subsidy if:
- their business has a turnover of less than $1 billion and their turnover will be reduced by more than 30 per cent relative to a comparable period a year ago (of at least a month); or
- their business has a turnover of $1 billion or more and their turnover will be reduced by more than 50 per cent relative to a comparable period a year ago (of at least a month); and
- the business is not subject to the Major Bank Levy.
The government has produced a range of different factsheets for different situations. You can find and download the relevant one for you here
If you are a sole trader and would like to know eligibility criteria for your circumstance the government has provided information and examples of who qualifies here
If you believe that this program is right for you can register your interest with the ATO here
The above information is a brief summary only and does not take into account your personal needs and is not a substitute for independent professional advice. We strongly recommend that you speak to your accountant as they will be able to provide you the most suitable advice for your individual circumstance and to ensure that you are also always receiving the most up to date information.
Any content on this website is general only and does not take into account your particular circumstances and needs. Before acting on any content you should assess or seek advice as to whether it is appropriate for you.