COVID-19 Business Advisory
Dear Member / Friend,
JOBKEEPER – POST SEPTEMBER 2020 - REMINDER
On 21 July, the Federal Government announced that it would be extending JobKeeper until 28 March 2021, though payments would not be at the same rate. Some further changes were announced in early August 2020. The current JobKeeper arrangements end on 28 September 2020.
From 28 September, eligibility for the JobKeeper payment will be based on actual turnover during the September quarter. To be eligible, there must be a decline in turnover, with respect to actual GST Turnover, relative to a comparable period, generally the September quarter 2019.
The decline in turnover must be:
- 50% for those businesses with an aggregated turnover of more than $1 Billion;
- 30% for those businesses with an aggregated turnover of $1 Billion or less; and
- 15% for Australian charities and not-for-profits.
The payment rate will be $1200.00 per fortnight for all eligible employees who were working in the business or not-for-profit for 20 hours or more a week on an average in the four weeks of pay period before either 1 March 2020 or 1 July 2020 and for eligible business participants who were actually engaged in the business for 20 hours or more per week on average. For other eligible employees the payment rate will be $750.00.
In order to be eligible for the second extension from 4 January 2021 to 28 March 2021, businesses or not-for-profits will need to further reassess their turnover to be eligible for JobKeeper. They will need to meet the actual GST turnover by reference to the December 2020 quarter. It will be based on the 50%, 30% and 15% decline in turnover.
From 4 January 2021 to 28 March 2021, the rates will be respectively $1000.00 (for 20 hours or more per week on average) and $650.00 per fortnight for other eligible employees.
Depending upon the time you lodge your BAS, you may need to assess eligibility for JobKeeper ahead of the BAS lodgement deadline.
Eligible employees in the extension period, are those currently employed by an eligible employer and are either:
- full-time, part-time or fixed-term employees at 1 July 2020;
- long term casual employee (employed on a regular and systematic basis for at least 12 months) as at 1 July 2020; or
- 1were aged 1 or older at 1 July 2020, (or 17 or 16 years old, if you are independent or not undertaking full-time study).
Please see this link for further details:https://www.ato.gov.au/general/JobKeeper-Payment/
As has been mentioned before, the Chamber, with Armidale Council, is introducing a gift card to encourage our community to support local businesses. There is a process to go through for the card to be established, which is in train. The Chamber will soon be talking to interested business, both as outlets to sell the cards and to be recipients of it.
Stay safe and stay distant.
Armidale Business Chamber
0402 838 077
The Armidale Business Chamber has put together a free business coaching package to support business as they adjust to significant change under very tight timeframes and difficult circumstances.
In partnership with Mandy Walker of Focus First the Chamber is providing a 45 minute one on one business coaching consultation (via phone). Each session is tailored to the needs of the individual business, whether those are: 'tactical and practical, providing help with navigating the now; or survival, keeping your business afloat; or for future planning, reimagining your business or starting a new one.
The consult is by appointment only. Contact Mandy via email or phone 0459 098 618.
Join our dedicated Facebook Groups here: