31 Jul JobKeeper Scheme Extended: What You Need to Know
The JobKeeper scheme was due to run out on 28 September 2020, leaving many businesses wondering how on earth they were going to survive. But now, there’s an updated scheme to keep Australia afloat. The JobKeeper Scheme has been extended.
Extending the JobKeeper payment from 28 September 2020 to 28 March 2021 will likely be the buoy for many employers and employees. The current fortnightly payment of $1,500 will drop to a fortnightly income of $1,200 on 28 September 2020 and decrease again on 28 March 2021 to $1,000.
From the 28 September 2020, businesses and not-for-profits must demonstrate that they have suffered significant decline in turnover using actual GST turnover. This is required again in January for candidates seeking the extension.
Requirements for extensions if your business has faced either a:
- 50% fall in turnover for an aggregated turnover of more than $1 billion dollars.
- 30% fall in turnover for an aggregated turnover of $1 billion or less.
- 15% fall in turnover for an Australian Charity or Not-for-profit Commission Charity. (excluding schools and universities)
Employees eligibility rules have remained the same. (Tax and Super Australia, 2019)
The Data Matching System
A new data matching system is to be launched between the ATO and Social Services in an attempt to discover individuals who are registered with both JobKeeper and the social security payments. It is also set up to help identify the customers who may need help declaring their income correctly to avoid being overpaid.
How it works:
A data file containing a list of employees who have been nominated for JobKeeper Payment will be sent from the ATO to the agency. This list will then be analysed and compared between the Agency’s social security payment customers and claimants. The following data per payee will be examined:
- Tax file number
- First and last name
- Additional name (other name)
- Date of birth
If you’re unsure if you’re eligible for JobKeeper or have any queries regarding the content of this blog, please feel free to contact our team and we will talk through your situation and how it could affect you.