The most recent announcement of stimulus packages brings the Government’s total support for the economy to $320 billion across the forward estimates, representing 16.4 per cent of annual GDP.
The Stimulus packages mostly commonly referred to now are the second and third packages being the Cash Boost stimulus and the JobKeeper Payment Subsidy for employers to pay their employees $1500 per fortnight. This stimulus includes other business participants and sole traders. The first stimulus package announced on 12 March 2020 provided incentives for business investment and may still be of interest to those businesses that are not experiencing the consequences of business closures due to COVID-19.
Importantly, for the JobKeeper scheme there has been an extension of time to enrol with the ATO.
The Commissioner has extended the time to enrol for the initial JobKeeper periods, from 30 April 2020 until 31 May 2020. If you enrol by 31 May you will still be able to claim for the fortnights in April and May, provided you meet all the eligibility requirements for each of those fortnights. This includes having paid your employees by the appropriate date for each fortnight.
For the first two fortnights (30 March – 12 April, 13 April – 26 April), the ATO will accept the minimum $1,500 payment for each fortnight has been paid by you even if it has been paid late, provided it is paid by 8 May 2020. If you do not pay your staff by this date, you will not be able to claim JobKeeper for the first two fortnights.