Under the JobKeeper Payment, businesses significantly impacted by the Coronavirus outbreak will be able to access a subsidy from the Government to continue paying their employees. This assistance will help businesses to keep people in their jobs and re-start when the crisis is over. For employees, this means they can keep their job and earn an income – even if their hours have been cut.
The Government will provide $1,500 per fortnight per employee for up to six months. Employers (including non-for-profits) will be eligible for the subsidy if:
The Boosting Cash Flow for Employers measure will deliver up to $25,000 tax free back to small and medium businesses with an annual turnover under $50 million that employ staff, providing temporary cash flow support. The payment will be delivered by the ATO as a credit in the activity statement system from 28 April 2020 when statements are lodged.
The Instant Asset Write-Off threshold has been increased from $30,000 to $150,000 and expanded to include businesses with an annual turnover of less than $500 million (up from $50 million). Once the legislative changes take effect, this will apply to new or secondhand assets first used or installed between 12 March 2020 and 30 June 2020.
The Federal Government is helping small businesses retain their apprentices and trainees. Eligible employers can apply for a wage subsidy of 50% of the apprentice’s or trainee’s wage paid during the nine months from 1 January 2020 to 30 September 2020. Where a small business is not able to retain an apprentice, the subsidy will be available to a new employer.
The Australian Government has launched a Jobs Hub website to help Australians find work during the Coronavirus pandemic. The Jobs Hub advertises the latest vacancies from businesses across Australia. Visit the Jobs Hub.
Further information about the Federal Government’s economic response to the COVID-19 pandemic and the support available to individuals and businesses can be found at the treasury.gov.au website, the business.gov.au website and the australia.gov.au website.