JobKeeper 3.0 released today

Today the Government announced adjustments to JobKeeper 2.0 to expand the eligibility criteria for JKP (now referred to as ‘JobKeeper 3.0’), primarily in the wake of the tougher COVID-19 restrictions recently imposed in Victoria.

The adjustments contained within JobKeeper 3.0 will apply nationwide, and the crucial amendments include the following:

• Adjustments to employee eligibility – From 3 August 2020, the relevant date of employment (which is used to determine an employee’s eligibility to JKPs) will move from 1 March 2020 to 1 July 2020.

Casual employees will still be required to have been employed on a regular and systematic basis for a minimum of 12 months (as is required under the existing JKP scheme).

• Adjustments to the ‘Decline in Turnover Test – Specifically, to be eligible for the JKP Extension Period 1 (i.e., from 28 September 2020 to 3 January 2021), businesses only need to demonstrate a significant decline in turnover in the September 2020 quarter

To be eligible for the JKP Extension Period 2 (i.e., from 4 January 2021 to 28 March 2021) businesses only need to demonstrate a significant decline in turnover in the December 2020 quarter

Importantly, the dual payment rate system originally proposed in JobKeeper 2.0 will remain, with the full rate of payment decreasing from $1,500 to $1,200 per fortnight from 28 September 2020 and then to $1,000 per fortnight from 4 January 2021.

For more details, please refer to the Treasury fact sheet here:

https://treasury.gov.au/coronavirus/jobkeeper

Please let Adrian & the team know if you have any questions

Adrian De Vito - CPA

Principal

Clear Accounting Solutions