As we continue to adapt to life with the coronavirus, the one certainty is how rapidly things can change, and predicting how the next six months unfolds would be anyone’s guess. Despite the uncertainty, both Federal and State governments continue to do all they can to assist businesses and the economy to respond accordingly.
The ATO continues to roll out much-needed details about JobKeeper Payments, allowing us to advise clients with increasing clarity. Recent information has served to broaden eligibility for some businesses and extend deadlines, opening pathways for more businesses to potentially benefit from the subsidy.
The roll-out of the JobKeeper program continues at a rapid pace. Is your business ready for the JobKeeper Subsidy?
The JobKeeper Payment, at $130B, is the single biggest economic support measure in Australia’s history. The more we hear and read, the more confident we are that this measure has definitely hit the mark and will be the saviour for many businesses and thousands of jobs.
The third and largest COVID-19 (coronavirus) support package to date is a $130 billion economic injection designed to save jobs for the next 6 months. In this package, businesses may be entitled to receive a fortnightly wage subsidy of $1,500 per employee.
The so-called JobKeeper Payment is designed to keep people in work and the Government expects up to 6 million people will benefit from the subsidy.
The federal government continues to release a range of measures to support both business and individuals as a result of COVID-19.
This update primarily focuses on the government’s second round of stimulus measures. We also outline key concessions announced to date by major banks and provide a brief update on state government announcements.
Federal and state governments have announced various measures to support the economy in the wake of the impact of COVID-19.
In this summary, we address the key announcements to date, including Tasmanian state government and ATO support.