JobKeeper & Access to Super

Extensions

JOBKEEPER 2.0

On 21 July 2020, the Treasurer announced that the JobKeeper program will be extended for another 6 months from 27 September 2020 to 28 March 2021.

However, the revised JobKeeper program will be more targeted and the rate of JobKeeper payments will be stepped-down and become tiered.

To qualify for JobKeeper payments for the December 2020 quarter, businesses will need to assess their actual turnovers for the June 2020 and September 2020 quarters to determine whether their turnover for each of those two quarters has fallen by at least 30% compared to the same periods in the prior year.

To qualify for JobKeeper payments for the March 2021 quarter, businesses will need to assess their actual turnovers for the June 2020, September 2020 and December 2020 quarters to determine whether their turnover for each of those three quarters has fallen by at least 30% compared to the same periods in the prior year.

The other aspect changing in the extended JobKeeper program is that the flat rate of JobKeeper payments of $1,500 per employee will be replaced with a reduced and tiered program. The rates of JobKeeper announced are as follows:

Up until 27 Sep 2020:
20+ Hours a week - $1,500 a fortnight
<20 Hours a week - $1,500 a fortnight

From 28 Sep 2020:
20+ Hours a week - $1,200 a fortnight
<20 Hours a week - $750 a fortnight

From 4 Jan 2021:
20+ Hours a week - $1,000 a fortnight
<20 Hours a week - $650 a fortnight

For further information and remain up to date with the extended JobKeeper program, please review the website

https://treasury.gov.au/coronavirus/jobkeeper/extension


ACCESSING SUPERANNUATION

The Government has announced an extension to access up to $10,000 of your superannuation early until 31 st December 2020. This is only eligible if you are financially affected by Coronavirus. If you have already withdrawn $10,000 since 1st July 2020, you are ineligible for any further withdrawals.

For more information in relation to this, please see the information on https://treasury.gov.au/sites/default/files/2020-07/Fact_sheet-Early_Access_to_Super.pdf

Please ensure that you discuss this action with your financial planner prior to withdrawing the funds as this should only be utilised as a last resort. Withdrawing funds now may have a significant impact on the funds available at your time of retirement.