While the legislation was passed overnight, there is still not much clarification over the mechanics of the JobKeeper payment other than that provided in the fact sheet and FAQ available below.
Key points for now:
- Assess your actual and projected revenue by month for March 2020 - June 2020 against a comparable period - is it down at least 30%? The default for comparison is the same period last year but can use other assessments if more appropriate
- If you are not 100% sure you will be eligible, please call us to discuss your projections
PAYMENTS TO EMPLOYEES
- Payment of the JobKeeper payment to your employees will require changes to your payroll settings so please contact us to discuss
- You can start paying it to employees now if you are confident that you are eligible and can afford to fund it
- If you can’t fund the payments now, we should be able to defer and back-pay in early May to coincide with the reimbursement
We will continue to keep you updated as more information comes to light, but if you have any questions regarding the JobKeeper payment, please be in contact with us.