Stimulus Package Update
The team at PJA Accountants hope that you are all well and beginning to gain clarity on which COVID-19 support measures are available to you. As these measures keep evolving, we thought it timely to update you with changes to the legislation and key dates.
BUSINESSES/SOLE TRADERS
- The Victorian Government Support Fund – A one off payment of $10,000 has been extended to any business that meets eligibility criteria, not just those listed on the public notice. The closing date for applications is 1 June 2020.
- JobKeeper applications remain open for April payments until 31 May 2020. However, all eligible employees must be paid a minimum of $1,500 per fortnight for which they are being included by 8 May 2020.
- Businesses or Sole Traders receiving JobKeeper payments must submit a Monthly Turnover Declaration with the Australian Taxation Office at the beginning of each month to ensure ongoing eligibility.
- Employees under 18 years of age are no longer eligible for JobKeeper, unless financially independent, regardless of the type and length of employment.
- Assistance for apprentices and trainees for businesses employing less than 20 people, remains available until 31 December 2020.
INDIVIDUALS
- Early release of Superannuation of up to $10,000 is available until 30 June 2020, and then a further $10,000 from 1 July 2020 to 24 September 2020. You must apply for early release through your MyGov portal.
- JobSeeker enrolments for April payments close on 8 May 2020. As a reminder, the waiting times are waived, the asset test waived and partner income is increased to $3,068.80 per fortnight for the length of the Coronavirus measures. Please contact Centrelink for information pertaining to your individual circumstances.
If you have any queries concerning any of the above stimulus measures, please do not hesitate to contact our office.
