Yesterday Prime Minister, Scott Morrison, announced a new $130 billion stimulus wage subsidy for businesses during the coronavirus pandemic. It has been called the ‘Job Keeper’ Package and will be paid directly to employers to pass on to their employees. This assistance will help businesses to keep people in their jobs and re-start when the crisis is over. For employees, this means they can keep their job and earn an income – even if their hours have been cut.
A few key points to note include:
- Payment will be $1500 per employee per fortnight for up to 6 months (regardless of previous earnings)
- Business must meet reduced turnover eligibility conditions
- Payments will commence in the first week of May but will be backdated to 30 March
- This measure is expected to cost $130 billion across 2019-20 and 2020-21
Full information regarding the package, eligibility, how to apply and some common scenarios are included in the document below. Please CLICK HERE or on the image to view.
Should you have any questions in relation to how this stimulus package may affect your situation or your business, please contact us.