JobKeeper package: eligibility, challenges and how to prepare
On April 9 the government passed legislation enabling the payment of an estimated $130 billion to Australian businesses and workers over the next 6 months through the JobKeeper package. It comes in the form of a wage subsidy of $1500 per fortnight per employee and it’s paid to the employer as reimbursement for salary and wage payments. It will be administered by the Australian Taxation Office and payments will commence in the first week of May.
In this podcast episode, you’ll hear from Paul Drum, General Manager of External Affairs at CPA Australia, as he discusses why the JobKeeper package is a lifesaver for businesses, workers, their families, and the economy.
He will discuss who has access to the JobKeeper payments, as well as the challenges eligible businesses face, such as cashflow problems from having to pay staff wages until JobKeeper reimbursements are paid, and closely held business structures that don’t pay wages to the owners.
He also advises members who run their own business to get their finances up to date to figure out whether they meet the criteria, and if in public practice, to contact clients to work with them on whether the JobKeeper payments could help their business, in readiness for when information on how to apply is released on 20 April.
Drum is in conversation with Elinor Kasapidis, Tax Policy Advisor at CPA Australia. Listen now.
CPA Australia COVID-19 content hub
CPA Australia business survival guides
INTHEBLACK article: JobKeeper stimulus: Relief for many, frustration for some
CPA Australia Tax and COVID-19 FAQs
ATO JobKeeper payment information
Treasury JobKeeper payment information