JobKeeper payments will drop to between $750 and $1,200 per fortnight beyond September, with eligibility tightened, the government has revealed. Prime Minister Scott Morrison and Treasurer Josh Frydenberg have announced that the current $1,500 per fortnight JobKeeper payment will be reduced to $1,200 per fortnight from 28 September, and $750 per fortnight for employees working less than 20 hours a week.
From 4 January, the rate will again fall to $1,000 per fortnight, and $650 for people working less than 20 hours a week. The program will run to 28 March 2021, at a further cost of $16 billion, taking the entire JobKeeper program to $86 billion.
The announcement comes after up to one in four of the 3.5 million workers currently covered under the program were earning $550 more than they would ordinarily.
Treasury had also argued for a fresh eligibility test for businesses looking to remain on JobKeeper beyond September. Businesses will still be required to demonstrate the required reduction in turnover- 30 per cent for businesses with turnovers of $1 billion or less, 50 per cent for those with turnover of more than $1 billion, and 15 per cent for ACNC-registered charities.
If you have any queries please do not hesitate
to contact us.
We offer tailored and well-grounded advice to help your business realise its potential.
Our specialist audit services give you confidence and reliability in your numbers.
We offer a range of services to help relieve you of your accounting and tax compliance matters.
Liability limited by a Scheme approved under Professional Standards Legislation.