The Jobkeeper Payment: COVID-19 Business Safety Net
While everyone is adjusting to a ‘new normal’, the Australian Government has installed the Jobkeeper Payment in order to help businesses and families survive the economic impact of the Coronavirus pandemic.
The shift in how organisations operate is bigger and swifter than anything we could have imagined. A vast number of thriving businesses have had to adopt drastic measures, some of which include standing down valuable staff. The Jobkeeper Payment – a COVID-19 business safety net initiative – couldn’t come any sooner.
At Web Marketing Angels, we know how much Coronavirus is affecting businesses of all types and sizes. The effect is even more noticeable if you have built a team of loyal and experienced staff members – people you care about and who have livelihoods depending on the income from their jobs. This is where the Jobkeeper Payment steps in to help.
So, what is it all about? We’ve compiled some of the key elements of the new package to help you navigate it.
If you have a business that qualifies and you want to opt in for receipt of the Jobkeeper Payment, you must register your interest at https://www.ato.gov.au/general/gen/JobKeeper-payment/
As far as the details go, you’ll find the basics below, as outlined by the Minister for Employment, Skills, Small and Family Business, Senator the Hon Michaelia Cash.
- The JobKeeper Payment began on 30th March 2020. The first payments are to be received by employers in the first week of May.
- Employers are required by law to pass this payment onto their employees.
- Employees eligible for the Jobkeeper Payment are full-time, permanent part-time and long-term casuals (employed for at least the previous 12 months on a regular basis) who have been stood down due to the impact of COVID-19.
- To be eligible, employees must have been on their employers’ books on 1st March 2020. Employees who are re-hired by organisations and were on their employers’ books on 1st March 2020 may also be eligible.
- Business structures that are eligible to register for the Jobkeeper Payment include companies, partnerships, trusts and sole traders. Self-employed individuals are also eligible to receive the payment.
- Where individuals are self-employed and have experienced (or expect to experience) a decline in turnover of 30% or more when compared with a previous low-turnover period of at least one month, they will be eligible for the JobKeeper Payment.
There are further eligibility criteria, as detailed in the links below. The above information is a summary of key details relevant to the JobKeeper Payment, but any employer seeking to receive the payment should read the Australian Government factsheets and speak to their accountant for personalised advice.
From our team to yours, we hope that the important people in your lives – yourself, your families and your employees – are safe and get through this time with minimal stress.
If you are looking to increase the online capacity of your business or shift your marketing strategies and digital presence, Web Marketing Angels is here to help. With the extra support from the Jobkeeper Payment, it might be the perfect time to rebrand or redesign, ready to take on the world when everyone reemerges in the months to come.
Australian Government factsheets