JobKeeper Extension

Federal Treasurer Josh Frydenberg has confirmed there will be continued JobKeeper support beyond the former 27 September deadline. “It is clear the economy will need further economic support.

The changes were announced on 7 August 2020 to adjust the reference date for employee eligibility and make it easier for organisations to qualify for the JobKeeper extension from 28 September 2020.

Businesses only need to show that their GST turnover has fallen over one quarter, instead of multiple quarters, to be eligible for the scheme’s extension.  Under the previous guidelines, a business needed to record a loss in the June AND September quarters, now it’s just one:

  • Extension period 1 (28 September 2020 to 3 January 2021) – GST turnover needs to fall by more than 30% (15% for Not For Profits) in the September quarter only.
  • Extension period 2 (4 January 2021 to 28 March 2021) – GST turnover needs to fall by more than 30% (15% for Not For Profits) in the December quarter only.

Workers will also qualify if they were employed on 1 July 2020, rather than 1 March.

For more information click here

Any other questions please call one of our Accountants or Advisers for further advice.

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