JobKeeper 2.0 Explained

The Federal Government has announced that JobKeeper will exist until at least March 28 next years.

JobKeeper 2.0 will fall depending on the following circumstances from September 28. Here’s what you need to know:

𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐞𝐥𝐢𝐠𝐢𝐛𝐢𝐥𝐢𝐭𝐲

The employer must re-apply for the payment from September 28, 2020 and be able to demonstrate that they have lost 30% or more of their turnover this year.

However, if the employer has a turnover of more than $1 billion per year, they will need to demonstrate that they have continued to suffer a loss of 50% of turnover during the pandemic.

𝐄𝐦𝐩𝐥𝐨𝐲𝐞𝐞 𝐞𝐥𝐢𝐠𝐢𝐛𝐢𝐥𝐢𝐭𝐲

The reference date for assessing which employees are eligible for the JobKeeper Payment is now 1 July 2020 with effect from 3 August 2020.

The reference period for employees regarding their hours worked will be the two fortnightly pay periods prior to 1 March 2020 or 1 July 2020.

The period with the higher number of hours is to be used for employees who were eligible at 1 March 2020.

𝐉𝐨𝐛𝐊𝐞𝐞𝐩𝐞𝐫 𝐫𝐚𝐭𝐞

The current JobKeeper rate is $𝟏𝟓𝟎𝟎 𝐩𝐞𝐫 𝐟𝐨𝐫𝐭𝐧𝐢𝐠𝐡𝐭

From September 28 to January 3, 2021, if:

- You used to work 20 hours or more, you will receive $𝟏𝟐𝟎𝟎 per fornight

- You used to work 20 hours or less, you will receive $𝟕𝟓𝟎

From January 4 to March 28, 2021:

- Full time workers to receive $1000 flat rate per fortnight

- Employees who worked 20 hours or less during February 2020 will receive $650 per fortnight.

If you have any concern that this change will effect your loan application, please do not hesitate to contact us.

Kind regards,

𝐾𝑖𝑒𝑛 𝑃ℎ𝑎𝑛 & 𝑃ℎ𝑢𝑜𝑛𝑔 𝑁𝑔𝑢𝑦𝑒𝑛.

Source: 9 News