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On the 21 July 2020, the Australian Government gave an update on the economic stimulus packages provided to Australian businesses and employees and made changes the JobKeeper & JobSeeker payments. JobKeeper Payments have been extended until 28 March 2021 and will be targeted at supporting businesses and not-for-profits that continue to be impacted by the effects of Coronavirus. Eligibility requirements have changed and a retest will be required for all business who are wishing to apply. The payments will be reduced for the December 2020 quarter and then again for the March 2021 quarter. Ongoing eligibility The current JobKeeper Payments will end on 27th September 2020 and all business wishing to continue with JobKeeper payments will be required to reassess their eligibility for the JobKeeper Extension on two separate occasions. Just like last time, the decline in turnover tests are as follows: 30 per cent for those with an aggregated turnover of $1 billion or less 50 per cent for those with an aggregated turnover more than $1 billion To be eligible for the December 2020 quarter JobKeeper payments, business will be required to demonstrate they have met the relevant continuing decline in turnover for both the June 2020 and September 2020 quarters. To continue eligibility for the March 2021 quarter, businesses will be required to demonstrate they have met the relevant continuing decline in turnover for the June 2020, September 2020 and December 2020 quarters. There are new rates in the amount received per employee or business participant. The rates are determined by the hours worked in the 4 weeks before 1 March 2020. Full-Time employees working 20 hours or more Business Participants actively engaged in the business for 20 hours or more Part-Time employees working 20 hours or less Business Participants actively engaged in the business for less than 20 hours JobKeeper Payment Rates 28 September 2020 to 3 January 2021 Full time eligible employees and/or business participants will receive $1,200 per fortnight Part time eligible employees and/or business participants will receive $750 per fortnight 4 January 2021 to 28 March 2021 Full Time eligible employees and/or business participants will receive $1,000 per fortnight Part Time eligible employees and/or business participants will receive $650 per fortnight In the video, James discusses all of the above and addresses the new JobSeeker changes. If you require any assistance or would like to discuss this further, please contact our office on 02 9907 3488.