COVID-19: The JobKeeper Payment
Posted 30 Mar '20
Posted 30 Mar '20
The JobKeeper Payment is designed to help businesses affected by the Coronavirus to cover the costs of their employees’ wages, so that more employees can retain their job and continue to earn an income.
The Government will provide $1,500 per fortnight per employee for up to 6 months for eligible applicants.
Employer Eligibility Snapshot:
> Your business has a turn over of less than $1 billion and your turn over will be reduced by more than 30 per cent relative to a comparable period a year ago
> Your business is not subject to the Major Bank Levy
Employee Eligibility Snapshot:
> The employee was on your books on 1 March 2020 and continues to be engaged by your business (including full time, part time long term casuals and stood down employees)
> Casual employees that have been employed on a regular basis for at least the previous 12 months as at 1 March 2020
> The employee is an Australian Citizen, holder of a permanent visa or other special visas (detailed in the fact sheet)
Self Employed Individuals
> If you have suffered or expect to suffer a 30 percent decline in turnover relation to a comparable prior period
All further details on eligibility, the payment process and timing of the release of these funds can be found in fact sheet. Simply download below.
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Let’s face it; bookkeeping isn’t the most exciting part of running a business. However, it’s one of the most important!
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For Not-for-Profit (NFP) entities, understanding and adhering to new requirements can be a daunting task, especially with the ever-evolving regulatory landscape.
Let’s break down director loans, how they affect your business, and what you can do to avoid common pitfalls. By following this article, you can understand more about Director's loans and why its so important it's done right so you don't land yourself in hot water with the ATO!