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.
To find out more, please see JobKeeper Payment for employers and employees and JobKeeper Payment for sole traders.