Finance News
Jobkeeper Updates Revealed
22 Jul 2020

The Federal Government has announced the long-awaited updates on the extensions to the JobKeeper scheme. In good news for businesses, the payment has been extended until March 2021, in effect covering a December and March quarter.

There has been a decrease in the payments and a distinction is now made between employees who work more or less than 20 hours per week. From 28 September, eligible employees who work more than 20 hours per week will be paid $1,200 per fortnight and those who work less than 20 hours will be paid $750. From 4 January, those payments then drop to $1,000 and $650 per fortnight.

The other change has been to introduce the need for businesses to satisfy the turnover eligibility criteria to receive the payments. For payments from 28 September, eligible businesses will need to prove a reduction in turnover in the June and September quarter. They will then need to re-prove their eligibility for the final payments in the March quarter by meeting the reduction in turnover for the December quarter. Although details on this have not been released, the same 30% threshold for businesses with turnover under $1 billion and 50% threshold for those with turnovers over $1 billion will apply.

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