The Federal Government has announced the Wage Subsidy Package providing a lifeline to many Australian businesses.
Businesses with an annual turnover of less than $1bn who self-assess a reduction in revenue of 30 per cent over a minimum of a one-month period are eligible for the package. Those with a revenue loss with a turnover of over 1bn or more will be required to show a revenue reduction of 50 per cent or more to be eligible. It is available to all companies regardless of size and will be available for 6 months. Businesses can apply for the payment through the ATO now, with the first payments being made available from the first week of May.
Full time and part time employees, casual workers (who have been employed for a 12-month period), the self-employed, and not for profits will receive the JobKeeper payment of $1500 per fortnight, the subsidy will be backdated to staff numbers as of the 1st of March. The Government have urged employers to consider the JobKeeper payment for employees and hold off on further lay-offs so that they can continue to operate or begin operating once the crisis is over.
Employers who have had to retrench employees who were in their employment on the 1st of March, can re-engage with those employees and nominate them to receive the subsidy. If an employee has been stood down, employers must pay employees the JobKeeper payment.
In a further move to protect employees and businesses, the Government has placed a six-month moratorium on evictions for both commercial and residential tenants experiencing financial hardship.
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This article has been prepared by Vanessa Baglieri, Marketing Manager. We are passionate about helping businesses grow by sharing information. The content of this article is legal information, not advice and is not tailored to your circumstances, speak with Rosa Raco directly on 03 5499 6131 or email firstname.lastname@example.org if you require legal advice regarding your specific circumstances.
This article is current as at 9.30am 1st April 2020.