JobKeeper 2.0
Less employers, less employees, lower rates and two different tiers.
Which Employers?
If the business currently receiving JK experiences an ongoing decline in actual GST Turnover of 30% (50% large, 15% NFP), or
A business is allowed to enter JK if they meet all eligibility requirements including decline in turnover.
Noting it continues to include Eligible Business Participants (EBPs) specifically including the self-employed.
“Ongoing actual decline in turnover”
An assessment of the decline in actual GST Turnover results for the quarter ended:
30th September 2020 will mean an employer is eligible for JK for October to December, and
31st December 2020 will mean eligibility for JK for January to March 2021.
“Actual GST Turnover” is the GST exclusive taxable value of supplies made during the period (GST & FRE but not Input Taxed). Note: JK 2.0 does not require you to be GST registered and JK does not require you to lodge BAS or lodge BAS quarterly. However, the sale of assets is included in the GST turnover calculation.
Alternative tests may be allowed by the ATO. For details, refer to the existing alternate tests.
It is a QUARTERLY test of actual turnover this year compared to same quarter last year. Where relevant, your September 2020 BAS will need to be submitted with the ATO prior to claiming the JK 2.0 subsidy
How Much JobKeeper?
For employees working for 20 hours or more per week on average, and EBPs actively engaged in the business for 20 hours or more per week on average during February and/or June 2020:
$1500 per fortnight continues until the fortnight ended 27th September, then
$1200 per fortnight until 3rd January 2021 if eligible, then
$1000 per fortnight until 28th March 2021 if eligible, then
Under current legislation it will stop
Impact: Employees and EBPs who were not actively engaged for 20 hours will drop to the lower rate.
Employees who work less than 20 hours per week in the 4 weeks before 1st March 2020 or 1st July 2020:
$1500 per fortnight continues until the Fortnight ended 27th September, then
$750 per fortnight until 3rd January 2021 if eligible, then
$650 per fortnight until 28th March 2021 if eligible, then
Under current legislation it will stop
Employers will nominate which payment rate they are claiming for each employee and EBP.
There will be “alternate tests” to assess hours where hours worked in February 2020 were not “usual” (eg. due to sickness or leave).
Actual GST Turnover
For the quarter. The June quarter is now irrelevant – i.e. it is not taken into account.
To be eligible for JK October to December, must have had decline in the September quarter.
To be eligible for JK in January to March 2021, must have had decline in the Oct to December quarter.