Today Mr Morrison announced a $130 billion program committed over the next six months.
“Today we are announcing a $1500 per fortnight job keeper allowance,” Mr Morrison said.
Mr Frydenberg said the payment would be available
to full and part time workers, sole traders and casuals greater than 16 years of age who have been with their employers for more than 12 months.
Payments would start hitting bank accounts from the start of May.
Employers will need to register via the ATO web site here https://www.ato.gov.au/general/gen/JobKeeper-payment/
Businesses will need to demonstrate a reduction of turnover of greater than 30% (for bigger businesses with turnover greater than $1 Billion annually, that threshold rises to 50%)
Minimum wage earners, it will be covered 100%. If you earn more, then the employer will have to tip in the rest. If you earn less than $1,500 then the Employer will need to increase your pay to $1,500 a fortnight.
Payments of $1,500 will be a minimum payment for each employee registered on the employers books as at 1st March, 2020
Essentially, your employer can take you back, if they were forced to let you go because of the corona-crisis.
The job keeper program does not apply to any other temporary visa holders
New Zealand 444 visa holders are eligible.
It does not include superannuation
Payments will be backdated to today
The payment is per employee and there will be legal obligations on the employers to ensure sure payments are directed to employee's.
The partner income test for Centrelink payments has increased from $48,000 to $79,000 a year. So if your partner earns under the new threshold, $79,000 or so, and you lose your job, you will be able to access the new Centrelink payments.
The payment would also apply to workers in not-for-profits
Employees are only eligible to receive a JobKeeper Payment from one employer.
APPLICATION PROCESS Businesses with employees Initially, employers can register their interest in applying for the JobKeeper Payment via ato.gov.au from 30 March 2020.
Subsequently, eligible employers will be able to apply for the scheme by means of an online application.
The first payment will be received by employers from the ATO in the first week of May.
Eligible employers will need to identify eligible employees for JobKeeper Payments and must provide monthly updates to the ATO.
Participating employers will be required to ensure eligible employees will receive, at a minimum, $1,500 per fortnight, before tax.
It will be up to the employer if they want to pay superannuation on any additional wage paid because of the JobKeeper Payment.
Further details for businesses for employees will be provided on ato.gov.au.
Businesses without employees, such as the self-employed, can register their interest in applying for JobKeeper Payment via ato.gov.au from 30 March 2020.
Businesses without employees will need to provide an ABN for their business, nominate an individual to receive the payment and provide that individual’s Tax File Number and provide a declaration as to recent business activity.
People who are self-employed will need to provide a monthly update to the ATO to declare their continued eligibility for the payments.
Payment will be made monthly to the individual’s bank account. Further details for the self-employed will be provided on ato.gov.au.
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