Business Reality Check: DO YOU HAVE A PLAN B? As the first tranche of JobKeeper winds down and JobKeeper 2.0 comes into place, business owners need to face more critical decisions on the future of their business. Here are the key points you need to know about JobKeeper 2.0 and when you can apply for it.
JobKeeper 2.0 - Key Details
The JobKeeper Payment scheme has been extended until 28 March 2021, see JobKeeper extension. From 28 September 2020: • employers need to demonstrate that their actual GST turnover has fallen against a comparable period • tier 1 and tier 2 JobKeeper rates apply and are generally based on average hours worked by employees. For the JobKeeper fortnights starting 28 September 2020 and 12 October 2020 only, we are allowing employers until 31 October 2020 to meet the wage condition for all employees included in the JobKeeper scheme.
24 | Aussie Painting Contractor
Employers do not need to re-enrol to claim payments in the first extension if they are already enrolled in JobKeeper. They just need to check their continuing eligibility and submit this information to us online from 1 October 2020. Employers also need to tell the ATO the payment tier they are claiming for each eligible employee or business participant in their November monthly business declaration. Visit our Blog for more details about the JobKeeper 2.0 Tweaks to the ‘Decline in Turnover’ Tests.
What’s your Plan B?
Surprisingly, the outlook for the construction industry overall was positive, as stressed by some economists. “The spread of COVID-19 is anticipated to have a light effect on building construction industries. The industry’s revenue growth is not expected to be significantly affected by COVID-19 during 2019-20, although the industry may endure construction delays stemming from the disruptions in the supply chain for building materials and the supply of skilled labour. Operatorsin these industries require materials such as paints, varnish, adhesives and specialist coatings.” (source IBISWorld)
