Members would be aware of the 30 March announcement by the Commonwealth Government introducing the JobKeeper Payments scheme.
Last night the legislation for the scheme passed through both Houses of Parliament and the Government has now released a fact sheet providing information additional to that which has already been provided.
More detailed information will be available shortly when the Treasurer releases the set of Rules underpinning the scheme. We will notify members as soon as this becomes available.
Based on current information, some of the important points for members to be aware of are:
- The thresholds for eligibility have been set at 30 per cent reduction in turnover for businesses with annual turnover of less than $1 billion or 50 per cent for businesses with turnover of more than one billion.
- Dealers who have or expect to receive a decline in turnover equal to or exceeding these thresholds should register at gov.au to access the scheme. If you haven’t already registered, we would recommend you do so as soon as possible.
- The Tax Commissioner has some discretionary powers for cases where a business in good faith believed it would be eligible under the thresholds but did not actually experience the expected decline.
- Eligible employees are full-time, part-time or long-term casuals, currently employed, stood down or re-hired by the Dealership as of 1 March 2020.
- The first payments under the scheme will be received by employers, from the ATO, in the first week of May 2020.