The Government’s “Coronavirus Economic Response Package” bill has now passed both houses of parliament. The legislation gives powers to the Commission of Taxation to set the administrative processes and other rules.
The full details of how the JobKeeper payments are to administered is not yet available, and may not be available before the end of this week.
Until you know whether you are eligible, and details of how to record JK through payroll are available, you may run a risk if you start paying this to your employees. In the meantime, you can start to look at your eligibility for the subsidy and to identify possible eligible employees.
In the meantime you could start working on some of the things we believe will be in the detail:
- Assess your business’s eligibility – If your business has suffered or may suffer, a 30% decline in business (some exceptions) as a result of the COVID-19 then this susidy may apply to you
- You will need to identify and nominate eligible employees
- You should check that the ATO has your current bank details