COVID-19 Updated– JobKeeper Package

COVID-19  Updated– JobKeeper Package
Posted on 9 Apr 2020

Unless you have turned your television off and avoided social media entirely, you will be aware that overnight the Bill to amend the Fair Work Act to implement the new $130 billion JobKeeper package has been passed. There is an abundance of information out there regarding the package but in brief:

  • A $1,500 (before tax) fortnightly wage for employees, payable by the employer.
  • Eligible employers: must show they have had a 30% or higher downturn in revenue (50% for larger businesses).
  • Eligible employees: full time / part time / casual workers (who have been employed with the business for over 12 months) and sole traders.
  • Employees who have been stood down or lost their jobs since 1 March 2020 can be reinstated.
  • The payments will commence from 1 May 2020 but will have effect from 30 March 2020.

It was being reported this morning that already 700,000 employers had already registered for the JobKeeper subsidy via the ATO and 6 million Australians will gain access to the package.

There is still some uncertainty has to how this is to be implemented as we await a set of Rules to be issued by the Treasurer (after the legislation receives Royal Assent). This should provide more guidance as to the registration process and how eligibility requirements are to be satisfied.

Ultimately, this enormous and unprecedented package aims to keep employees engaged in the workforce, with access to income, even in circumstances where hours may have been reduced or businesses have temporarily closed their doors.

 

Contact Us

T: 07 5592 6633

E: info@croninmiller.com.au

In Other News

Property at Risk
25 May 2020

Bankruptcy: Is Your Property at Risk?

Often the first question that arises when a spouse or family member becomes bankrupt is: what will happen to our home?Pursuant to section 58 of the Bankruptcy Act 1966 (Cth) (“th...

continue...

Need Legal Advice?

Cronin Miller Litigation is a Gold Coast based law firm specialising in resolving commercial disputes, and providing effective results for persons who have a claim of a commercial nature.

Contact us today