It goes without saying – 2020 has been an undeniably tough year. For businesses rising out of the bushfires and stepping into the Coronavirus pandemic, this year has presented a set of unprecedented challenges.
Take a minute and check out this video that explains the changes to the first extension.
There are two extension periods. To continue receiving JobKeeper payments, you will need to demonstrate a decline in turnover for a certain quarter.
You’ll also need to assess which payment rate tiereach of your employees and/or business participant fall into. This will depend on whether they meet the 80-hour threshold.
What quarter do I need to demonstrate a fall in turnover?
How much do I need to pay my tier 1 employees?
How much do I need to pay my tier 2 employees?
Extension 1 28 September 2020 – 3 January 2021
September 2020 quarter, compared to last year
Extension 2 4 January 2021 – 28 March 2021>
December 2020 quarter, compared to last year
You can enrol for the JobKeeper Payment at any time if you meet the eligibility requirements, which include demonstrating a decline in turnover for a certain quarter as listed in the table above. You can do this through ATO online services, the Business Portal, or your registered tax or BAS agent can do it for you.
There's a lot of things we don’t know about Coronavirus. But what we do know is that no matter what 2020 gives us next we’re here to support you. As the saying goes, every storm runs out of rain, and until this one does the ATO will be holding up that umbrella, looking toward the horizon.