JobKeeper extension announced – JobKeeper 2.0

On 21 July 2020, the Treasurer announced that the JobKeeper program will be extended from 27 September 2020 to 28 March 2021 (i.e. an extra 6 month period).

However, the Treasurer announced that from 27 September 2020, the JobKeeper program will be more targeted and the rate of JobKeeper payments will be stepped-down and become tiered.

To qualify for Jobkeeper payments for the December 2020 quarter, the Treasurer has announced that businesses will need to assess their actual turnovers for the June 2020 and September 2020 quarters to determine whether their turnover for each of those two quarters has fallen by at least 30% compared to the same periods in the prior year.

To qualify for JobKeeper payments for the March 2021 quarter, businesses will need to assess their actual turnovers for the June 2020, September 2020 and December 2020 quarters to determine whether their turnover for each of those three quarters has fallen by at least 30% compared to the same periods in the prior year.

The other aspect changing in the extended JobKeeper program is that the flat rate of JobKeeper payments of $1,500 per employee will be replaced with a reduced and tiered program. The rates of JobKeeper announced are as follows:

PERIOD 20+ HOURS A WEEK < 20 HOURS A WEEK
Until 27 Sept 2020 $1,500 a fortnight $1,500 a fortnight
From 28 Sept 2020 $1,200 a fortnight $750 a fortnight
From 4 Jan 2021 $1,000 a fortnight $650 a fortnight

Further information will be provided on the extended JobKeeper program as and when it is announced.

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