WILL THE JOBKEEPER PAYMENT SCHEME EXTENSION CREATE MORE ZOMBIE BUSINESSES

  1. a reduction of the JobKeeper Payment amount;
  2. a two-tiered payment rate; and
  3. new eligibility tests for each phase.

PHASE 1 OF WITHDRAWAL: 28 SEPTEMBER 2020 TO 3 JANUARY 2021

  1. a reduction in the fortnightly payment rate of $1,500 to $1,200 for all eligible employees and business participants who work 20 hours or more on average;
  2. a lower payment rate of $750 per fortnight for other eligible employees and business participants that work fewer than 20 hours per week; and
  3. a further decline in turnover test which will assess actual GST turnover (rather than projected GST turnover) for both the June and September quarters 2020.

PHASE 2 OF WITHDRAWAL: 4 JANUARY 2021 TO 28 MARCH 2021

  1. a reduction in the fortnightly payment rate of $1,200 to $1,000 for all eligible employees and business participants who work 20 hours or more on average;
  2. a reduction in the lower fortnightly payment rate of $750 to $650 for other eligible employees and business participants that work fewer than 20 hours per week; and
  3. an additional decline in turnover test which will assess actual GST turnover (rather than projected GST turnover) for each of the June, September and December quarters 2020.

WITHDRAWN — 28 MARCH 2021

  • Businesses and not-for-profit organisations will need to demonstrate that their actual GST turnover for a quarter has significantly fallen relative to comparative periods (generally being the corresponding quarter in 2019).
  • Where it is not appropriate to compare actual turnover in a quarter in 2020 with actual turnover in a quarter in 2019, the Commissioner of Taxation will have discretion to set out alternative tests.

RISE OF THE ZOMBIE BUSINESS

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Aiden Dallas

Aiden Dallas

2 Followers

As a freelance copywriter I love the flexibility of working anywhere across the globe and all the opportunities that come with it.