News
JobKeeper To Stay
R
ecently the Government announced that JobKeeper payments will be extended until March next year. However whilst they have been extended beyond the original end of September cut off there will be some key changes.
Firstly, all businesses currently receiving JobKeeper will need to re-qualify and demonstrate they are still suffering at least a 30% decrease in turnover. The amount that employees receive will be reduced. From October, full time employees will receive $1200 per fortnight and part time employees (working 20hrs per week or less) will
receive $750 per fortnight. It will decrease again from January to $1000 per fortnight for full time employees and $650 per fortnight for part time employees. Full details can be found on the ATO website.
This change will impact businesses greatly in many different ways. Although some may have recovered to less than 30% decrease in turnover, the financial impact will still be significant and the reduction in assistance may lead to some tough budget decisions. Particularly factoring in minimum wage increases that have either just occurred, or will occur on 1 November (depending upon your award).
