Don’t let your business become a
Zombie Company Is your business at risk of becoming a ‘zombie company’? There is increasing concern by economists that a number of businesses will not recover after the government support package of JobKeeper comes to an end. Fortunately, the program has just been extended, however, for some companies, this may only delay the inevitable. Some industries are clearly more vulnerable than others, so I thought I’d look into what’s going on in the construction industry. But first here are the major changes to the JobKeeper program recently announced. Changes to JobKeeper On 21 July 2020. the government has announced proposed changes to the JobKeeper Payment program including: »» an extension of the program to 28 March 2021 »» turnover tests to determine eligibility »» tiered payments for eligible staff • from 28 September to 3 January 2021 payment rate of $1,200 per fortnight for all eligible employees who, in the four weeks before 1 March 2020, were working in the business or not-for-profit for 20 hours or more a week on average; and $750 per fortnight for employees who were working in the business or not-for-profit for less than 20 hours a week on average • from 4 January to 28 March 2021- payment rate of $1,000 per fortnight for all eligible employees who in the four weeks before 1 March 2020, were working for 20 hours or more a week on average and for business participants who were actively engaged in the business for more than 20 hours per week, and $650 per fortnight for employees who were working for less than 20 hours a week on average.
30 | Aussie Painting Contractor
