Important Updates Regarding JobKeeper
A few points to note:
1. You can still qualify for JobKeeper
At present, JobKeeper is set to continue until 27 September 2020. If your business did not initially qualify for JobKeeper, you can apply to start JobKeeper payments when you meet the eligibility criteria. Not every industry will experience the economic impact of the pandemic in the same way. Some will experience a greater decline in later months. Please contact us if your business starts to experience a decline in turnover, and we can assist you to determine whether you qualify.
2. You only have to qualify in one period
JobKeeper’s decline in turnover criteria is a once only test. If the eligibility criteria were met at the time of applying for JobKeeper, a business can continue claiming the subsidy each month for the full period through to end of September 2020 (assuming the other eligibility criteria for them and the individual employees are met). This is regardless of what your turnover is in any subsequent months following the initial period in which you experienced the 30% fall.
The ATO does require you to report on your monthly turnover in order to claim your JobKeeper payments, but this is purely an information
gathering exercise – NOT a re-test of eligibility.
3. JobKeeper is assessable income
Unlike the Cash Flow Boost payments, which are not assessable income, the JobKeeper payments do form part of your assessable income for your business. This is because it is reimbursing wages, which is a tax deductible expense.