• Shiv Jaidka

JobKeeper 2.0

JobKeeper 1 stops as of 27th September and JobKeeper 2 starts.

To be eligible for JobKeeper 2 wage subsidy, your business must have suffered a 30% decline in the actual GST turnover for the quarter ended 30th September 2020 compared to the quarter ended 30th September 2019.

Alternative tests are available for the calculation of the decline in turnover for businesses

  • That started after the comparison period; or

  • That was subject to acquisition or disposal; or

  • That were High Growth Businesses.

Employee eligibility provisions remain in place, including were they an employee as of 1st March or 1st July. You would receive the:

  • Tier 1 payment of $1,200 per fortnight for Eligible Business Participant and employees if they worked for 80 hours or more in the month of February or June.

  • If not, you will receive the Tier 2 payment of $750 per fortnight.

  • These rates are applicable until the end of December.

You need to top up the wages for eligible employees accordingly.

You also need to submit the continuing eligibility information to the Tax Office from 1st October.

The monthly declarations remain in place.

If you like RTO Accounts to review your situation, please book a discovery call.

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Waterman Business Centre

1341 Dandenong Rd

Chadstone VIC 3148

PO Box 4109

Narre Warren South VIC 3805

K2 Advisors Pty Ltd Chartered Accountants | Director: S Jaidka

Liability limited by a scheme approved under Professional Standards Legislation

Shivdeep Jaidka is Limited Authorised Representative 1257018 of SMSF Advisers Network Pty Ltd

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