CEO UPDATE: COVID-19 JobKeeper Payment31st Mar 20
Yesterday the Australian Federal Government delivered a historic wage subsidy to the value of $130 billion, impacting around 6 million workers. The payment will ensure eligible employers (including not-for-profits) and employees stay connected while some businesses move into hibernation.
- This subsidy will see workers receive a flat payment of $1,500 per fortnight through their employer, before tax.
- The payment will be paid to employers, for up to six months, for each eligible employee that was on their books on 1 March 2020 and is retained or continues to be engaged by that employer.
- Where a business has stood down employees since 1 March, the payment will help them maintain connection with their employees.
- Eligible employers will be those with annual turnover of less than $1 billion who self-assess that have a reduction in revenue of 30% or more, since 1 March 2020 over a minimum one-month period.
- Eligible employers include businesses structured through companies, partnerships, trusts and sole traders. Not for profit entities, including charities, will also be eligible.
- The program will commence today, 30 March 2020, with the first payments to be received by eligible businesses in the first week of May as monthly arrears from the ATO.
- To register your interest visit the ATO website here: https://www.ato.gov.au/general/gen/JobKeeper-payment/
To read more about yesterday’s announcement please click here: https://www.pm.gov.au/media/130-billion-jobkeeper-payment-keep-australians-job
Comprehensive fact sheets from Treasury can be found here: https://treasury.gov.au/coronavirus/jobkeeper
We hope the recent announcements over the last week have been able to provide our members with some certainty and parameters for decision making whilst we navigate these unchartered waters.
NEW VICTORIAN GOVERNMENT GRANT ANNOUNCED FOR SMALL BUSINESSES
On 28 March 2020, the Victorian Premier announced a new Government grant of $10,000 that will be available to small Victorian business operators that employ staff.
To be eligible to apply for the grant, the business will need to:
hold an ABN as at 16 March 2020 and have turnover of greater than $75,000 for the 2020 financial year;
have annual wages of less than $650,000 in the 2020 financial year; and
have been directly impacted by Government closure measures.
To obtain a grant, eligible businesses need to apply online via the Business Victoria website by 1 June 2020.
Australian Market & Social Research Society
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