JobKeeper Payment Bills passed but no detail yet

JobKeeper Payment details still not available

We would like to take this opportunity to update you on the JobKeeper Payment Scheme.

Bills passed but no detail yet

Yesterday, the Coronavirus Economic Response Package (Payments and Benefits) Bill 2020 was introduced and passed both Houses of Parliament. Unfortunately, it did not contain the finer detail of how the JobKeeper Payment Scheme (‘the Scheme’) will operate.

What it did was set up a framework including giving the Treasurer the power to make Rules, by way of Legislative Instrument, as to how the Scheme will work. These Rules are not currently available.

ATO’s role in the JobKeeper Payment Scheme

Further, as previously announced by Treasury, the Commissioner of Taxation will be given certain discretions relating to the operation of the Scheme, including the ability to provide alternative turnover tests that can be satisfied if the tests already announced by Treasury cannot be met (e.g., that businesses with a turnover below $1 billion must have had or will have at least a 30% reduction in their turnover due to the effect of COVID-19).

It is anticipated that the ATO will make this information available once Treasury has released the Rules.

We believe this information is imminent and as soon as it is available, we will be working quickly to provide you with all the information you need to assist your clients.

Are we expecting any major changes?

We believe the information we previously provided you with at the time the Scheme was first announced by the Government and contained in the factsheets on Treasury’s website will be, on the whole, representative of how the Scheme ends up operating.

To receive the subsidy Employers are required to:

Wishing you and your family a very happy and safe Easter. Please contact our team if you have any questions in relation to this latest JobKeeper update or require our assistance with the above steps.

Justin Flavel

Managing Director

Justin’s experience spans across 20 years in accounting, financial analysis and general business practice.

Although born and bred on the land, Justin’s interest was more in spreadsheets, ledgers, and finance which led him to attend university. In 1992, Justin graduated with a Bachelor of Business majoring in Accounting and Finance. As well as qualifying as a CPA member and becoming a Fellow of the Taxation Institute of Australia, he began gaining practical experience in small and mid-tier accounting practices.

During the late 90s, Justin decided to expand his horizons and travel through Europe. It was during this time that he seized the opportunity to expand his knowledge on the workings of large organisations by taking on roles in multinational corporations.

Today, Justin’s passion is in facilitating businesses to grow and evolve. His focus is on acting in the role of business mentor to help clients develop the full potential of their businesses. He joins clients on their unique journey, and provides the tools and knowledge they need along the way to make the right decisions.

Justin’s aim for his clients parallels his own philosophy and personal journey—focusing on his own career growth and business success while maintaining balance in his life with his wife and three daughters.

Omnis Group Managing Director - Justin Flavel