(Updates are occurring on a regular basis. Visit the ATO website to see a timeline of content updates).
The Government has announced extensions to the JobKeeper Payment which will take effect from 28 September 2020.
A summary of the changes can be found in the infographic below.
From 4th January 2021 these payments will fall to $1000 per fortnight and to $650 per fortnight for those working less than 20 hours per week.
From October, the payment will be subject to a new eligibility test which assesses whether the business recovered in the last 6 months.
In early October, businesses will need to prove they’re in financial distress (showing a decline of at least 30%) in the Jun 2020 quarter in order to be eligible for the October – December scheme.
This will need to be proven again in early January based on September quarter figures.
Please note: details surrounding these changes are yet to be legislated so they are subject to change. As more details come to hand, we will pass them on.
Once again we thank you for your support and request your patience as we work through this next set of changes and its ramifications for you. Once we have all the information on hand from the Government and the ATO and have understood what it means for you, we’ll be in touch.
Take the time now to prepare for the future. It would be wise to prepare a budget and cashflow forecast now to ensure you are ready for these changes that are coming. We are happy to help on this front so please get in touch if you have any questions.
Please note JobKeeper changes are occurring on a regular basis – stay tuned for changes via the ATO timelime of content updates.
The BookSitters Team
Justine Day: Southern Highlands / Bowral Bookkeeper
Petra Austing: Southern Highlands / Bowral Bookkeeper
Karin Evans: Gold Coast Bookkeeper
Amanda Graham: Gold Coast Bookkeeper
Pru Hall: Wollongong Bookkeeper
Jackie Short: Canberra Bookkeeper