JobKeeper Payments

$130 Billion Wage Subsidy Legislation Passed

Parliament has endorsed the Federal Government’s $130 billion COVID-19 economic relief package which will be delivered over six months to businesses to support staff through a Job Keeper $1,500/fortnight wage subsidy.

After passing through a reduced House of Representatives yesterday afternoon, the Senate passed the $130 billion wage subsidy legislation that the Federal Government announced last week to support up to six million Australians through the COVID-19 crisis.

The Federal Government’s third and most substantial economic package, headlined by the $1,500/fortnight JobKeeper wage subsidy, aims to support Australian businesses and jobs through the ongoing impacts of coronavirus over the next six months. As of today, almost 750,000 businesses have already registered for this support.

This is an unprecedented level of support for an extraordinary situation and is aimed to keep our economy moving through an exceptionally difficult time.  These announcements also provide some certainty and reassurance to our community which is already under so much pressure and stress.

For those who have sadly been recently stood down, this wage subsidy also allows employers to reevaluate those decisions because if they were on the books at 1 March 2020, they are still eligible for this new payment. For some, this subsidy – especially in the industries hit the hardest – this could be up to 100% of their wage.

Key Points:
• JobKeeper cash payments of $1500/fortnight paid to businesses to pay employees (roughly equates to 70% of the median wage)
• Cannot double up if you are already receiving welfare payments, but can transfer from JobSeeker to JobKeeper.
• Available to all Full Time, Part Time, Self Employed and Sole Traders. For Casuals to qualify they must have been with the employer for 12 months or more prior to being stood down.
• Turnover of business will need to have fallen between 30% or more during the COVID-19 crisis to be eligible.
• Payment will be made in May, delivered through the ATO.
• Partner income test will be extended to $79,762 from $48,000 to access JobSeeker.
• Not for Profits and New Zealand citizens residing in Australia on 444 visas are also eligible.

To register your interest for the JobKeeper payment and receive updates from the ATO, submit your details online here.