T: +61-7-3221 5677 - E: enquiries@walshs.com.au
  • Make a Payment
  • Switch to Medical Clients
  • Switch to Private Clients
  • Register on Portal
  • LOGIN

WalshsWalshs

Walshs

Walshs are leading financial advisors in Brisbane, providing accounting and strategic financial planning advice.

T: 61-7-3221 5677
Email: E : enquiries@walshs.com.au

Walshs
Level 24/10 Eagle Street, Brisbane QLD 4000

Open in Google Maps
  • Medical Clients
  • Private Clients
BOOK AN APPOINTMENT

Walshs Insights

Tuesday, 31 March 2020 / Published in Articles, Business, Salary, Walshs Blog

What you need to know about the Federal Government’s JobKeeper Package and how it relates to your business

By Michael Walsh, CEO of Walshs

The Federal Government announced on 30 March, 2020, that it will introduce a business support package to help employers continue to employ their staff where the business has been affected by Coronavirus.

The JobKeeper payment is designed to keep those currently employed in their jobs and legislation to approve it will hopefully be passed next week.

There are still some finer points to be announced but the information we have at this stage is:

Package details:

*  A flat minimum payment of $1500 per employee paid per fortnight (irrespective of the employees’ earnings).

* The payment will be paid to the employer.

* For employees who earn less than $1500 a fortnight, the employer will need to top up to $1500.

Eligibility:

* Every business will be eligible if they have seen a decrease in turnover of 30% or more due to Coronavirus. The turnover decline will require that turnover of a current period (e.g. March 2020) be compared to a comparable period of a year earlier (of at least one month).

* The payment applies to currently engaged (on or after 1 March, 2020) full-time workers, part-time workers and casual employees who have been with their employer for more than 12 months and are at least 16 years of age

* The payment also applies to any employee who has been stood down from 1 March, 2020. If employees have been retrenched, they will need to be reinstated to qualify for the payment. Retrenched employees (not re-employed) are eligible for the JobSeekers payment.

* Sole traders without employees who meet the turnover test (see below) will also be eligible.

* Payments will be made from 1 May, 2020 but will be backdated to 30 March, 2020. Employers can start these payments today (from their own funds) and will be reimbursed back to 30 March, 2020.

* Payments to businesses will be made on a monthly basis and the business will need to provide details to the ATO on a monthly basis.

Registration:

* Employers must register with the ATO their intention to apply from 30 March, 2020 and assess that they have or will experience the required turnover decline.

* A registration button is on the ATO’s website or Walshs can register for you (please email us if you would prefer the latter).

* Employers will then need to apply to the ATO with details of its eligible employees.

Other details:

* The Single Touch Payroll System will be used to process payments to employees.

* The payment is intended to last for up to six months.

* Employers must notify eligible employees that the business is receiving the JobKeeper payment.

* There is SGC 9.5% paid on the payment, however SGC will not apply to any top-up for those employees who are earning less than $1500 per fortnight.

* Employees are subject to PAYG tax on their earnings, including the component supported by the JobKeeper payment.

* Employees with multiple jobs can only benefit from one JobSeeker payment.

If you want further insights into the eligibility of the Government’s JobKeeper Package for your business or advice on any other stimulus measures related to the Coronavirus pandemic, please contact us.

During the COVID-19 situation, Walshs’ partners will be working six days a week – so please feel free to contact us anytime Monday-Saturday.

Michael Walsh – 0427 838 908

Stewart McLeod – 0449 104 504

Hugh Walsh – 0479 028 068

  • Tweet
Tagged under: Accountants, Federal Government, financial planning, JobSeeker Payment, retrenchment, walshs

What you can read next

Election 2019 : A comparison of the key policies and promises
Person typing on a keyboard with overlay of digital housing image
Tax Planning – Rental Property Expenses & Deductions
Transferring money from overseas to Australia

Recent Posts

  • White electric car being charged at a station

    Taxation of Electricity for Electric Vehicles

    With fuel prices on the rise, along with a glob...
  • Calculator wrapped in twine on a desk with salary packaging words in blocks

    Salary Packaging

    Salary Packaging provides you with a method of ...
  • Person typing on a keyboard with overlay of digital housing image

    Tax Planning – Rental Property Expenses & Deductions

    With the end of the financial year upon us, it’...
  • House toy on a desk with person in a white shirt using a calculator to plan work out rental yield

    Rental Yield – What is it and how to calculate it

    Do you own an investment property or are you lo...
  • Person wearing a white shirt writing the words tax tips onto a blackboard with white chalk next to a drawing of a light bulb.

    Tax Planning Tips for Businesses & Individuals

    As we move towards the end of financial year, i...
awards basdges`
  • Medical Clients
  • Private Clients

About Walshs

Walshs Practice was established in 1991 and has grown to become one of South East Queensland's leading accounting and financial planning firms. Walshs encompasses tax and accounting services, business structuring, wealth advice, business services, superannuation and retirement planning, finance, insurance, lending and estate planning all under one roof.

Contact

  • OFFICE - Level 24/10 Eagle Street, Brisbane QLD 4000
  • POSTAL ADDRESS - GPO Box 12, Brisbane QLD 4001
  • TELEPHONE: - 61-7-3221 5677
  • FACSIMILE - 61-7-3221 5744
  • EMAIL - enquiries@walshs.com.au
All advice on this site is general in nature and does not take into account your personal circumstances. Please do not hesitate to contact one of our adviser accountants or financial planning advisers if you have a query that is specific to your circumstances.
© 2021 Walshs Practice Unit Trust | ABN 11 248 978 295 Walshs Financial Planning Pty Ltd AFSL 432636 ABN 82 122 293 912 Corporate Authorised Representative No. 463774 of Walshs Finance Australian Credit Licence 459119
  • Privacy Policy
  • Financial Services Guide
  • Credit Guide
  • Complaints Policy
TOP
GET IN TOUCH

If you would like a Walshs adviser to contact you or to receive marketing material from Walshs and/or be advised of upcoming seminars and events please provide your contact details.
[contact-form-7 id=”18018″ title=”Contact form 1″]

Skip to toolbar
  • About WordPress
    • WordPress.org
    • Documentation
    • Support
    • Feedback