JobKeeper Rules

Background

The COVID-19 virus is upon us and wreaking havoc with the Australian economy. Accountants and tax agents are at the fore-front of delivering the Government’s stimulus packages.

On 8 April 2020, the Federal Government introduced into parliament the following bills:

  • Coronavirus Economic Response Package (Payment and Benefits) Bill 2020
  • Coronavirus Economic Response Package Omnibus (Measures No. 2) Bill 2020

In addition, there were two appropriation bills introduced. All of these bills were passed by both houses of parliament on 8 April 2020 and received Royal Assent on 9 April 2020.
In summary, the legislation:

  • Amends the Fair Work Act to support the practical operation of the JobKeeper scheme in Australian workplaces. This includes the enabling of employers to issue “JobKeeper enabling directions”. The legislation also provides employers and employees flexibility around annual leave arrangements and days and times of work in addition to other measures.
  • Provides a framework in which the Treasurer may make rules (“The Rules”) concerning the implementation of the JobKeeper scheme. These Rules are a legislative instrument.
  • Provides for eligible employers to pay eligible employees a JobKeeper payment of $1,500 per fortnight.
  • Provides for the administration of the JobKeeper scheme by the Commissioner of Taxation.

The purpose of the JobKeeper scheme is to support businesses in retaining staff by continuing to pay them, despite suffering a significant business downturn. The Government considers that this scheme will assist businesses to regain momentum once the COVID-19 crisis has passed.

 
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Product Details

Format: PDF
Content: 21 pages
Author: Tax & Super Australia

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These notes were just the best I've seen in a very, very long time — David Krunic, DKP Chartered Accountants

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