Finance News
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Update on JobKeeper and Victorian Grants
21 Sep 2020

With another week of lockdown behind us, Victorians are hoping there is an end in sight of these level 4 restrictions. For businesses in Victoria and around Australia, the focus has also been on the releases from the Federal and Victorian governments regarding relief measures in place.

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Further grants for businesses announced
15 Sep 2020

The Victorian State Government has announced a further $3 billion grants that will shortly be made available to businesses impacted by COVID-19 as a result of the extended lockdowns. Although details have not yet been released and applications are not yet open, the announcements indicated:

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JobKeeper 2.0 ATO Update
07 Sep 2020

The ATO has released its initial guidance on JobKeeper 2.0. Although the guidance does not contain any more detailed information on the eligibility criteria, it does nevertheless contain some useful information.

The legislation confirms the two additional periods (28 September to 3 January and 4 January to 28 March) and that the reduced payment rates will apply with the amount of payment to be determined by the number of hours worked by the eligible employee in the 28 day period prior to either 1 July or 1 March. The payments are split between those who worked more than 80 hours and those who worked less than that.

Businesses that have already registered for the current JobKeeper payments are automatically registered for the next batch of payments and do not need to re-apply. In addition, any existing eligible employees do not need to fill out new nomination forms for the next batch of payments.

In terms of the 30% reduction in turnover, the guidance indicates this will usually be calculated by looking at the Total Sales at G1 and subtracting GST on Sales at 1A for both the relevant 2020 and 2019 quarters. However, there will be further information released shortly to assist businesses to determine their eligibility and we expect there to be further alternate tests available to be used..

If you need any assistance with your JobKeeper registration, please do not hesitate to contact us.

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JobKeeper 2.0 Legislation Passed
02 Sep 2020

Today the legislation for JobKeeper 2.0 was passed in Canberra. Although there are still further details to come regarding eligibility for these ongoing payments, the legislation does lock in the extended periods and confirmed the reduced payments indicated earlier.

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Changes to Eligible Employees claiming JobKeeper Payments
19 Aug 2020

The ATO has released some further guidance on the recent changes to the timing of an eligible employee for JobKeeper payments. From JobKeeper fortnights commencing 3rd August, the key date for eligible employees has changed from 1 March to 1 July. Any full time or part time worker as of 1 July or any casual employee with over 12 months regular and consistent service of a business is an eligible employee for JobKeeper purposes.

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JobKeeper Payments Updated
07 Aug 2020

With Victoria entering Lockdown Stage 4, the Federal Government has announced two major changes to the JobKeeper payment program. In a welcome development, these changes have relaxed the requirements to ensure Victorian businesses impacted are able to access these relief measures.

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