Stage 3 of Coronavirus Assistances

Unprecedented times – 3 CIA tax Newsletters in 3 Weeks – it’s all happening.

Stage 3 of Coronavirus Assistances

(Credit to Newscorp)

Businesses are rushing to sign up to the federal government’s $130 billion plan to subsidise wages during the coronavirus pandemic.

https://www.ato.gov.au/general/gen/JobKeeper-payment/

The Treasurer said around 60,000 businesses had already signed up for the scheme announced on Monday.

The scheme will see employees receiving a flat-rate payment of $1500 per fortnight through their employers in a bid to lessen the

economic blow caused by coronavirus. Payments will commence May 1 but will be backdated.

It applies to full and part-time workers, sole traders, as well as casuals who have been on the books for at least 12 months.

The subsidies will last for six months.

It will be administered through the single touch payroll system, requiring businesses to keep the employee on the books in order to distribute the payment.

Businesses and not-for-profits will be eligible after a downturn in revenue of 30 per cent.

“That means they can still have them on the books and start working together on how they can resuscitate the business on the other side,” he said.

New Zealanders and casuals working for more than one year will also be eligible for the Jobkeeper payment.

Don’t forget our senior partner Dr Steven Enticott is Facebook live Wednesdays at 6pm. There is plenty going on, yet there is unprecedented supports and plenty of hope for the future post coronavirus.

Stay safe!