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Government Package Updates

Australian government COVID-19 funding
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We will keep you up to date with any update on any government stimulus package updates and how they will affect you and your family. Click on the links below for the latest information:

7 August 2020

JOBKEEPER EXTENSION ELIGIBILITY

There have been further announcements made today in regards to the JobKeeper extension eligibility. These include:

  • To qualify for the first JobKeeper extension period of 28 September 2020– 3 January 2021, the September 2020 quarter GST turnover must be down compared to September 2019
  • To qualify for the second JobKeeper extension period of 4 January 2021– 28 March 2021, the December 2020 quarter must be down compared to December 2019
  • Employees will only be eligible for JobKeeper 2.0 if they were employed as of 1 July 2020 (not 1 March 2020).

For more information on the JobKeeper extension see the Treasury Fact Sheet.

17 July 2020

The government has announced a JobTrainer skills program to help with training and skills required post-COVID and will also extend wage subsidies for apprentices.

Media release 

10 July 2020

The ATO has extended the working from home deductions for another three months, workers can temporarily claim 80 cents per hour for hours worked at home until 30 September 2020.

25 June 2020

The government announced a new $250 million JobMakers targeted package to help restart the creative economy and get the entertainment, arts, and screen sectors back to work, as they rebuild from the impacts of COVID-19. Media release 

9 June 2020

The government has extended the $150,000 instant asset write-off extension scheme until the end of the year to help businesses buy new and second-hand assets to improve cash flow.
Media release

4 June 2020

The Federal Government has announced a HomeBuilder program of $25,000 for eligible Australians. The grants which are for new home builders and renovators begin today and are to help boost the demand in the construction sector and keep builders in work. Read the HomeBuilder fact sheet for eligibility criteria.

28 April 2020

The ATO has extended the time to enrol for the initial JobKeeper periods, from 30 April 2020 until 31 May 2020.

If you enrol by 31 May you will still be able to claim for the fortnights in April and May, provided you meet all the eligibility requirements for each of those fortnights. This includes having paid your employees by the appropriate date for each fortnight.

For the first two fortnights (30 March – 12 April, 13 April – 26 April), the ATO will accept the minimum $1,500 payment for each fortnight has been paid by you even if it has been paid late, provided it is paid by you by 8 May. This means that you can make two fortnightly payments of at least $1,500 per fortnight by 8 May, or a combined payment of at least $3,000.

If you do not pay your employees by this date, you will not be able to claim JobKeeper for the first two fortnights.

If you usually pay your employees less frequently than fortnightly, the payment can be allocated between fortnights in a reasonable manner. For example, if you pay your employees on a monthly pay cycle, your employees must have received the monthly equivalent of $1,500 per fortnight.

If you require any advice on JobKeeper please contact us. For more information on the extensions click here.

24 April 2020

The alternative eligibility tests for the JobKeeper scheme have been announced, these are for the businesses that don’t fit the ‘basic test’, where turnover dropped more than 30% in the same time 12mths ago.

If you need help determining your eligibility then please contact your business adviser/accountant.

14 April 2020

The Treasurer released the guidelines governing the JobKeeper payment scheme. The guidelines set out the eligibility and obligations concerning the $1,500 per employee a fortnight JobKeeper payment for a 26-week period running from 30 March to 27 September.

Some of the key points are:

  • Payments from the ATO back to the business under this scheme will not be paid until the first two weeks in May.
  • Participation in the scheme is based on a “one-in all-in” requirement. If you apply for the JobKeepers scheme it will apply to all employees.
  • You do not need to opt-in to the scheme immediately. You can do so at any point in the course of the six month period of operation of the scheme.#
  •  To be eligible for the JobKeeper payment employer and employees must meet the criteria.

You may be eligible as a business owner/operator/sole trader.

The read more link below links to the full article on how to apply for the scheme and paying your employees and includes:

  • Enrolling for the JobKeeper payment online from 20 April 2020 onwards 
  • Confirmation of eligible employees you will claim JobKeeper Payment for (available from 4 May 2020 onwards)
  • What you need to do for your employees

If you need any assistance please contact us, we are here to help you navigate through all the information.

8 April 2020 

The $130bn JobKeeper package bill has been passed in parliament. Read the details of the package below.

30 March 2020

The Federal Government announced a new $130bn JobKeeper payment plan as part of its third stimulus package. This is created to subsidise wages to ensure businesses can keep employees during the downturn, due to COVID-19.

Businesses will receive a wage subsidy of $1,500 per eligible employee, per fortnight to keep employees in work. This will be delivered through the ATO and based on payroll information.
Employers will pay their eligible employees and be reimbursed by the Government and the program is expected to run for 6 months, payments will stop if the employee is no longer employed.

Eligible employers include:

  • Businesses with turnover less than $1billion and their turnover has dropped more than 30% relative to a comparable period.
  • Sole traders and self-employed with an ABN and not-for-profits (including charities) that meet the turnover tests are eligible for the JobKeeper payment.

Eligible employees include:

  • all full and part-time employees over 16 years of age and who were employed as at 1 March (which includes employees who have been stood down).
  • long term casual employees (over 16 years of age who have been employed for longer than 12 months at 1 March 2020).
  • Australian citizens or the holder of a permanent visa, a Protected Special Category Visa Holder, a non-protected Special Category Visa Holder who has been residing continually in Australia for 10 years or more, or a Special Category (Subclass 444) Visa Holder.
  • Those not in receipt of JobKeeper payments from another employer.

Please note the legislation has not been released on this yet and we are awaiting further details to be announced.

23 March 2020

The Government released a second stimulus support package to help with the effects of coronavirus on the economy. Some of the updates are:

For business

  • PAYG Withholding credits for businesses increased
  • The threshold at which creditors can issue a statutory demand for payment of amounts outstanding will increase
  • Instant asset write off – increased
  • Assets over $150,000 eligible for 50% instant write off
  • 50% subsidy for apprentice or trainees wage

Supporting the flow of credit 

  • The Government will provide a guarantee of 50% to SME lenders for new unsecured loans to be used for working capital. This SME Guarantee has been extended, for more information read here.

For individuals

  • JobSeeker Payment, Youth Allowance Jobseeker, Parenting Payment, Farm Household Allowance and Special Benefit doubled
  • 2 x $750 payments to social security, veteran and other income support recipients and eligible concession cardholders
  • Individuals affected by the Coronavirus allowed to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21. See below for more information.
  • The Government is temporarily reducing superannuation minimum drawdown requirements
  • Reducing Social Security Deeming Rates

16 March 2020

The Government has announced a $17.6 billion investment package to support the economy as we brace for the impact of the coronavirus.
The yet to be legislated four-part package focuses on business investment, sustaining employers and driving cash into the economy.

For business

1. Business investment

  • Increase and extension of the instant asset write-off
  • Accelerated depreciation deduction

2. Cash flow assistance for small and medium-sized business

  • Tax-free payments up to $25,000 for employers
  • Wage subsidy of up to 50% of an apprentice or trainee wage

3. Targeted support for severely affected sectors, regions, and communities
For individuals

4. Household stimulus payments to drive cash into the economy

  • Tax-free $750 payment to social welfare recipients

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Specialist accounting and business advice, knowledge and experience for businesses and professionals.

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