PM Announces $130 billion ‘Job Keeper’ Package

The Prime Minister has announced an investment of $130 billion to subsidies wages in order to ensure Aussies keep their jobs and businesses reopen following the coronavirus health crisis. 

Under the Job Keeper Payment, businesses impacted by the Coronavirus will be able to access a subsidy from the Government to continue paying their employees. Affected employers will be able to claim a fortnightly payment of $1,500 per eligible employee from 30 March 2020, for a maximum period of 6 months.

FACT SHEET: The Government has released a helpful Fact Sheet with more information to come in the following week.

Here’s a breakdown of what we know:

• Businesses and not-for-profits will be eligible after a downturn in revenue of 30 percent.
• This will be administered through the Single Touch Payroll system, requiring businesses to keep their employee on the books.
• Scheme is scheduled for six months.
• New Zealanders and casuals working for more than one year will also be eligible for the job keeper allowance.
  • Sole traders and freelancers will be considered, however no scope as yet provided.
• The payment would be delivered in May 2020, but backdated to March 1, 2020.

Importantly:

This is NOT in legislation yet.

The legislation is still being drafted, and the Government require another week to finalise the draft. Parliament are still to be recalled to pass the new legislation.

Businesses can register their interest in accessing the new ‘Job Keeper payment’ with the ATO here.

Another update:
Welfare Payment Partner Threshold Raised to $79,000

The Centrelink partner threshold rate has also been raised to $79,000. This means Australians will be eligible for welfare payments if their partner earns up to this amount. This is up from $48,000.

Please understand this is all we know at this stage, please refrain from calling us with enquiries regarding this package whilst we await further information and clarity from the Government.