The Australian Government has announced the JobKeeper Payment to help protect employers and employees from the impact of coronavirus. Eligible employers will be able to access a subsidy from the government to continue paying their employees.
As an SME, you may be eligible if your business has recently seen more than a 30 per cent drop in revenue relative to a prior comparable period in the last 12 months. That comparable period must have stretched at least one month. Impacted businesses 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. Eligible employees must have been on the books as at 1 March 2020. Eligible employers include companies, partnerships, trusts and sole traders who meet the criteria.
If you’re self-employed or a sole trader, you may stand eligible for the JobKeeper Payment. You must have recently experienced more than a 30 per cent drop in revenue relative to a prior comparable period in the last 12 months. You can now register your interest in the scheme through the ATO. After making an initial declaration showing a contraction in business activity, you must provide monthly updates to the ATO to show the ongoing impact of COVID-19 on your business to remain eligible for the JobKeeper Payment.
The JobKeeper extension went into effect on 28 September 2020. For the latest updates, please see JobKeeper Payment for employers and employees and JobKeeper Payment for sole traders.