JobKeeper Update

As we have received significant demand for more information about the progress of the JobKeeper program, we wanted to provide you with a quick update.

Last night, legislation was passed approving the program, which will allow employers to access a fortnightly $1,500 wage subsidiary which is designed to pay employees.

However, the rules and legislative framework of the program are still yet to be released. The ATO will be providing guidance on the rules of the payment and the eligibility criteria, which we are hoping will be released in the coming days.

While we still don’t have a precise date on when the ATO will provide this information, senior tax trainer from Taxbanter Robyn Jacobson suggests it will be prompt. “clearly, the legislative framework will be put in place as quickly as possible by parliament, but it provides the ATO with a very small window in which to get their head around the rules and provide the necessary guidance to practitioners”

Once we receive more clarity on how the JobKeeper payments will impact you, we will send out a follow-up email. Thank you all for your understanding during these challenging times.