The Prime Minister has now announced a third stimulus package within 17 days of each other and Prime Minister Morrison has reinforced that if more is required, there will be more. We’ll be keeping this page continually updated with the latest news, as it comes to light. Below is a summary of what these announcements mean for SMEs.
Third Stimulus Package:
- Job Keeper Payment
A pre-tax $1,500 per fortnight, per employee (including Part-Time and Casuals*) payment (in the form of a Wage Subsidy per employee for 6 months) and begins from the 30th of March. If an employer has retrenched an employee on or after the 1st of March they’re able to re-employ them and still be eligible for this scheme.
In order to be eligible, a business (sole trader and non for profits) with turnover of less than $1 billion must have lost at least 30% of their revenues as a result of the downturn. For companies of turnover of over $1 billion (like Airlines), their turnover must have fallen by at least 50%. Payments to the employer will begin to flow by the first week of May, so Cashflow will be important in these initial months.
*Casual Employees must have worked for your organisation for a period of greater than 12 months.
Download the Fact Sheet here
To register for the scheme: Visit your ATO portal and register your interest or for updates register here: https://www.ato.gov.au/general/gen/JobKeeper-payment/?=redirected_JobKeeper
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