‘Job Keeper’ payment makes up Government’s 3rd stimulus package

Covid 19

As we try to catch a breath from all the chaos going on with Coronavirus, we just got word of the Australian Government’s latest stimulus package. This package focuses on the ‘job keeper’ payment, aimed at helping businesses keep their staff, which will be a lifeline for many people over the coming months.

Here a quick overview of what it means:

  • Employers and sole traders will be able to apply for a $1500 ‘job keeper’ flat payment per employer to keep paying their staff.
  • To be eligible, most employers will need to prove they have lost 30% of income (requirements differ for larger businesses with $1b turnover).
  • Those who work for non-for-profits and New Zealanders will also be eligible to the ‘job keeper’ payment
  • The income threshold for the partner of someone who has lost their job has been raised from $48,000 to $79,000 a year.
  • Workers who have already been stood down will be able to access the payment if they lost their job after March 1.
  • The ‘job keeper’ wage subsidy will be a flat payment through the employer.
  • All full time and part time staff are eligible.
  • Casuals who worked for more than 12 months at the business are also eligible.
  • There is no superannuation payable on this payment.

You should also know:

This payment will be paid in arrears. Employers are encouraged to keep paying employees, with the understanding the government will reimburse them $1,500 a fortnight, per employee, backdated to today.

The payments will flow from the first week of May and will be backdated to today (30th March 2020).

Prime Minister Scott Morrison stresses that the engine of the economy needs to keep moving and understands the coming weeks may be tough.

More info will be added to the government’s website in the coming days.

We are here to help

We know that this is a difficult time for many people, but please remember we are here to help. We aim to help you navigate the issues this virus and its impacts raises. If you have any questions about stimulus packages or your business in general, please get in touch with us.

We can set up a phone call or online meeting as we continue to work remotely.

Wishing you and your family all the best.

If you think your business might benefit from bookkeeping services. Maybe you need someone to lodge BAS. Perhaps you need a bookkeeping software health check, setting up your books. Then above all don’t hesitate to get in touch. We’ll tailor a package that sets you up correctly from day one.

Contact Timewise Financial Solutions on 0419 181 082 or by clicking here today.