The Australian
government announced that some changes in the JobKeeper scheme would come in
September. The treasury reviewed the business & market situation and found
that the businesses still need the JobKeeper scheme. But it also requires some
measurable tests to implement it well.
The business
individuals need to qualify for some test and show their eligibility to benefit
from the subsidy scheme and continue to receive JobKeeper, for which they can
take the help of a tax agent in
Melbourne. The payment for the eligible business individuals will remain to
continue in September to improve the turnover.
Who Will Be Eligible Past September 27, 2020?
The tax agents in Melbourne
believe that due to the COVID-19, the businesses' situation in western
Australia is worse. The firms face a rapid decline in their turnover. However,
after the period of lockdown, the economy needs to be back on track again.
But the business that
faces a sharp decline in the turnover is likely to benefit from the JobKeeper
scheme.
Be Ready
If, somehow, your
business doesn't qualify for the extension of the JobKeeper scheme, the
entitlement for that remains unchanged until further announcement. Your tax agent in Melbourne will keep you
informed about the business's current situation and changing it is possible or
not. So, if you become eligible, you can reapply for it again.
What Changes Would be Expected?
The JobKeeper scheme
remains active until March 2021. However, some changes might be seen in the
coming months. The changes that people will observe are:
JobKeeper 2.0
The extension of the
JobKeeper subsidy scheme and the next phase will occur in late September 2020
with a reduced wages rate. The subsidy in this scheme will be reduced from
$1500 fortnight to $1200 for the workers working more than 20 hours a week.
Those employees
working less than 20 hours in a week will receive the fortnight payment of
$750. But this is also based on the working hours they did previously before
the lockdown period.
JobKeeper 3.0
This phase will start
from January 4, 2021, and the wages will further decline to $1000 for a 20-hour
working individual and $650 for the worker working less than 20 hours a week.
The Reassessment Will Occur in October and January
Businesses in early
October need to prove that they're facing the downfall in finance. Individuals
need to show that their finance has been declined at least 30% in June and
September as that of the previous year.
This is necessary to
make them eligible for the scheme in October and December. Similarly, they need
to prove again in January to take the leverage of this scheme.
Bottom Line
JobKeeper is going to
fill the gap between business failure and success and keep the economy on
track. As per the Melbourne tax agents,
the businesses need to prepare themselves for the future and keep an eye on the
JobKeeper eligibility so that they can take advantage of the scheme and boost
their funds.
Comments