Employees of eligible businesses and self-employed individuals to receive $1,500 per fortnight Government subsidy
Prime Minister Scott Morrison announced yesterday that businesses impacted by COVID-19 will be able to access a wage subsidy to continue paying their employees. You can read the media release here. Through the JobKeeper payment, eligible businesses will receive a payment of $1,500 per fortnight per eligible employee. Employees of eligible businesses and self-employed individuals will receive at least $1,500 per fortnight before tax. An eligible employee may include those that have been stood down or re-hired.
JobKeeper is intended to keep more Australians in jobs through the course of the COVID-19 outbreak. Eligibility includes a business or self-employed individual with a turnover of less than $1 billion and their turnover will be reduced by more than 30 per cent relative to a comparable period a year ago (of at least a month).
The program commenced yesterday, 30 March 2020, with the first payments to be received by eligible businesses in the first week of May (to be backdated to 30 March 2020). This means that eligible businesses can begin distributing the JobKeeper payment immediately and will be reimbursed from the first week of May.
Further details will be provided on ato.gov.au.