MAP - September 2020 Update
As you may be aware, the current JobKeeper scheme comes to an end on the 27th September 2020. However, the Government announced an extension to JobKeeper (extended scheme) for a further 6 months to 28th March 2021, albeit with reduced payment rates and decline in turnover tests based on actual turnover. Legislation for the extended scheme has now been passed by the Parliament.
The payment rate will be reduced in two tranches as follows:
Categories of employees — hours worked during reference period
The two-tier payment system will apply to workers based on their average weekly work hours in the relevant reference period.
The reference period is the four weeks of pay periods before either 1 March 2020 or 1 July 2020.
Workers with 1 March 2020 eligibility are able to use the period with the higher number of hours worked.
The payment tiers will apply as follows:
Eligibility criteria — decline in turnover test
The proposed new decline in turnover test will operate as follows:
Businesses will generally be able to assess eligibility based on details reported in their Business Activity Statement (BAS).
The deadline to lodge the September BAS is in late October, and the December BAS is in late January (monthly) or late February (quarterly).
Tip: businesses will need to finalise the BAS for the period ended 30 September 2020 as a matter of urgency in order to meet the wage condition.
Please feel free to contact us if you have any questions regarding JobKeeper 2.0, or require assistance to determine your eligibility for the extended scheme from 28 September.