JobKeeper changes: What you need to know
The Federal Government has revealed major changes to the $70 billion JobKeeper program that will impact many businesses and their employees across the country.
Here's everything you need to know about the changes and how it will impact you.
How much is the scheme costing?
The cost of the $70 billion JobKeeper program has been revised and it will now cost $85.7 billion. The extra cost is because of Victoria's latest lockdown.
How is the eligibility criteria changing?
Employers and sole traders only have to show a fall in turnover for one quarter, not multiple quarters to be eligible.
Employers will need to prove their GST turnover has fallen by 30 per cent in the quarter to the end of September, compared to the same period last year to be eligible after September 28.
Previously the rules were the employer had to show a turnover in revenue in both the June and September quarters to be eligible at the end of September.
As another example to apply for the scheme in January businesses would only need to show a fall in income in the December quarter.
If I'm a sole trader can I apply?
Yes you can. Go to the Australian Taxation Office's online services and enrol.
Can I apply now?
Yes, an employer can apply at any time until the program closes next year. To apply now you need to show a fall in GST turnover of 30 per cent for the June quarter.
How do I get payments for August?
Employers must enrol for JobKeeper and identify their eligible employees by August 31.
The employee eligibility is changing. How does this work?
A worker qualifying for payments only needs to have been with their workplace since July 1, instead of March 1 which was originally the case.
New employees will be eligible for payments dating back to August 3.
Victoria has been the state impacted most by job losses. How many Victorians are on JobKeeper?
At this stage there are 270,000 companies in Victoria relying on JobKeeper to pay 975,00 employees.
How much are JobKeeper payments?
At the moment payments for employers, sole traders and other entities are $1500 per eligible employee per fortnight.
When are the JobKeeper payments changing?
From September 28 the JobKeeper payment will fall from $1500 to $1200 per fortnight.
This rate will fall again to $1000 per fortnight from January 4.
Reduced JobKeeper payments will also apply for employees who have worked less than 20 hours a week during February this year.
From September 28 these payments will be $750 per fortnight.
The payment for these recipients will fall again on January 4 to $650 per fortnight.
When does JobKeeper end?
It finishes on March 28 next year.
Originally published as JobKeeper changes: What you need to know