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Monthly Archives: March 2020

JobKeeper Announcement

JobKeeper Payment is a wage subsidy for $1,500 per fortnight. First payment is expected first week of May. Register your interest here: https://www.ato.gov.au/job-keeper-payment/ You only have to pay Super on regular wages. That is, if you would have otherwise reduced their hours, you can do so and pay Super on that amount. Each employee must receive a minimum of $1,500 per fortnight though. We are not yet aware of how Leaves will be calculated with this payment, but we expect to get clarification on this towards the end of the week. To be eligible, you need to have a reduction in revenue of 30% or more. We have attached the Fact Sheet from the government that has detailed information for employers.

Economic Survival and Jobs Package

The Victorian Government has launched the $500 million Business Support Fund (which is part of the $1.7 billion Economic Survival Package) to assist small to medium businesses survive the impacts of the COVID-19 pandemic, and keep people in work. Funding of $10,000 per business is available, and will be allocated through a grant process. So if you are being impacted by this, please register your interest on this link. We expect the government to make further announcements that will provide more support in the coming days.

The Second $66.1 Bn Stimulus Package

We would like to share with you an update regarding the Stimulus Package. On Sunday, the Government released a second, far reaching $66.1 bn Stimulus Package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency laws. The stimulus measures are not yet legislated. Parliament has reconvened yesterday, Monday, 23 March. The Prime Minister has warned that there are no “quick solutions” and that business should prepare for 6 months of disruption. To find out more, download the 2nd Stimulus Package. We will keep you posted for more updates.