The highly anticipated Jobkeeper payment scheme is now open for enrollment. The ATO urges people wishing to claim Jobkeeper payments for April to enrol in the program by the end of the month.
The 130$ billion Jobkeeper payment is part of the government’s economic response to the coronavirus. Like its title suggests, the Jobkeeper payment plan was created to keep businesses in operation and employees paid during the ongoing coronavirus crisis.
The Treasury Department estimates that that roughly 6 million workers will be able to receive a fortnightly payment of 1,500$ (before tax) payment through their employer for up to 6 months. That’s a considerable amount of the workforce, considering roughly 11 million people were employed either full-time or part-time in Australia in 2016, according to census data.
The JobKeeper payment scheme is directed at keeping small-to-medium businesses afloat during the coronavirus outbreak. It is part of the government’s provisions for temporary relief for financially distressed businesses.
Employers will need to make sure they first qualify for the Jobkeeper payment scheme. After that, they can nominate employees for the payment plan by completing the employee nomination form.
According to the ATO: Employers (including not-for-profits) will be eligible for the subsidy if:
- Their business has an annual turnover of less than $1 billion and they estimate their turnover has or will likely fall by 30 per cent or more; or
- Their business has an annual turnover of $1 billion or more (or is part of a consolidated group for income tax purposes with a turnover of $1 billion or more) and they estimate their turnover has or will likely fall by 50 per cent or more; and
- Their business is not subject to the Major Bank Levy.
Meanwhile, as an employee, you may check your eligibility to receive Jobkeeper payments from the requirements outlined by the ATO.
