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Boosting cash flow for employers
Eligible businesses and not-for-profit (NFP) organisations will receive between $20,000 to $100,000 in cash flow boost amounts by lodging their activity statements up to the month or quarter of September 2020.
The cash flow boosts will be delivered as credits in the activity statement system, and will generally be equivalent to the amount withheld from wages paid to employees for each monthly or quarterly period from March to June 2020
The JobKeeper Payment, which was originally due to run until 27 September 2020, will continue to be available to eligible businesses (including the self-employed) and not-for-profits until 28 March 2021. In addition, from 3 August 2020 the relevant date of employment will move from 1 March to 1 July 2020, increasing employee eligibility for the existing scheme and the extension.
To be eligible for JobKeeper Payments under the extension, businesses and not-for-profits will still need to demonstrate that they have experienced a decline in turnover of:
- 50 per cent for those with an aggregated turnover of more than $1 billion;
- 30 per cent for those with an aggregated turnover of $1 billion or less; or
- 15 per cent for Australian Charities and Not for profits Commission-registered charities (excluding schools and universities).
The ATO is administering the JobKeeper Payment and detailed information and guidance on JobKeeper is available on the ATO website.
JobTrainer Skills Package
The Australian Government has announced a $2 billion JobTrainer skills package, to reform the Vocational Education and Training sector and keep apprentices in jobs. In partnership with the states and territories, more Australians will have access to free, or low cost, training places in areas of identified skills needs through the establishment of a new $1 billion JobTrainer fund.