Little by little, economies around the world are now starting to recover from the Coronavirus pandemic. However, the impact is still being felt especially by small-sized and medium-sized businesses (SMEs). The Jobkeeper payment scheme has been launched by the Australian Government to support SMEs along with other stimulus and support programs.
Here’s what you need to know about the Jobkeeper Payment Scheme and how it can help your business and your employees.
According to the Australian government’s website, the JobKeeper Payment is a support scheme for businesses to help them pay for their eligible employee’s wage of at least AU$1,500 per fortnight.
Employers must pay their eligible employees a minimum of AU$1,500 per fortnight to claim the payment. Each eligible employer will receive a reimbursement of AU$1,500 per employee paid. If employers fail to continue paying their employees for each pay period, they will be disqualified from the payment scheme.
Employers who meet all the following qualifications are eligible to apply for the JobKeeper Payment Scheme:
(Source: https://www.business.gov.au/)
On the other hand, the following employees may be eligible if by 01 March they were either:
There are other eligibility criteria that your employee must meet. Make sure to check them all.
If your employee agrees to be nominated by you for JobKeeper, they must complete the JobKeeper employee nomination notice and return it to you for your records.
(Source: https://www.business.gov.au/)
If you meet these eligibilities, you may apply through the Australian Tax Office’s website. You may follow this guide for more detailed information.
Maximizing the JobKeeper payment scheme and other government support programs is one way how SMEs can better handle the ongoing crisis. If you need more assistance in applying for the JobKeeper payment scheme, D&V Philippines is here to assist you.
Our team of accountants specialising in Australian compliance will assist you in preparing your requirements and filing them accordingly. You may also check our brochure to learn more about our specialised solutions for SMEs during the COVID-19 Pandemic. Download our Outsourcing How to Make it Work below to find out how we make finance and accounting outsourcing for SMEs.