The original Jobkeeper started on 30 March 2020 and will end on 27 September 2020. But what happens next?
All is not lost. Jobkeeper 2.0 is coming, starting on 28 September 2020. But it will be harder to qualify for this one, since there are four changes.
1 – Split Between Full-Time and Part-Time
For Jobkeeper 1.0 all employees were treated the same. All received $1,500 per fortnight.
This is changing for Jobkeeper 2.0. It will now distinguish between full-time and part-time employees.
Anybody who worked 20 hours or more per week in February 2020 counts as full-time. Everybody else is part-time.
So when you apply for Jobkeeper 2.0, you indicate which employees are full-time and which are part-time.
2 – Drop of Fortnightly Rate
During Jobkeeper 1.0 the fortnightly rate was $1,500 per eligible employee.
For full-time employees on Jobkeeper 2.0 this decreases to $1,200 for October to December 2020 and then to $1,000 from January to March 2021. For part-time employees Jobkeeper drops from $1,500 to $750 and then $650 per fortnight.
3 – Actual Past Turnover
The turnover test for Jobkeeper 1.0 was based on your projected turnover. You just gave it the best estimate you could. And if you got it wrong, that was ok.
For Jobkeeper 2.0 there is no more guess work. Just actual numbers of what happened so far. After 27 September it no longer matters what you project. All depends on your actual quarterly turnover since 1 April 2020.
If each past quarter (June and September 2020 quarters as well as the December 202 quarter later on) had a drop of least 30%, you continue to qualify.
4 – Continuous Test
For Jobkeeper 1.0 you just had to pass the turnover test once. It was like a door – once you were through, you were in.
For Jobkeeper 2.0 this changes to a continuous test per quarter. For each quarter, you have to show that the past 2 or 3 quarters all had suffered at least a 30% drop in turnover.
So these are the four changes that come with Jobkeeper 2.0. Just give me a call if you need to know more.
Disclaimer: numba does not provide specific financial or tax advice in this article. All information on this website is of a general nature only. It might no longer be up to date or correct. You should contact us directly or seek other accredited tax advice when considering whether the information is suitable to your circumstances.
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Last Updated on 28 July 2020