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JobKeeper 2.0 Passed with Small Tweak

Published by:
James Morris
Published on:
September 02, 2020
Modoras Accounting (QLD) Pty Ltd ABN 81 601 145 215
JobKeeper 2.0 Passed with Small Tweak

The second stage of proposed JobKeeper payments has been passed by Senate, extending the governments wage subsidy scheme by 6 months to 28 March 2021.

JobKeeper 2.0 will replace the flat rate of $1,500, which had some employees receiving more than their usual wage, for a two-tiered system.

The subsidy will provide a $750 fortnightly payment for those working under 20 hours’ pre-COVID and $1,200 per fortnight for others.

A second reduction in payment will occur from January 2021 to $650 and $1,000.

The tweak in the original JobKeeper 2.0 legislation relates to legacy employers who have received JobKeeper payments but do not qualify for the second round, and will allow employers to retain industrial relations flexibility measures.

These measures will allow legacy employers to cut hours to a floor of 60 per cent of an employee’s ordinary hours as of 1 March 2020.

To qualify, businesses must hold a certificate issued by an accountant proving a 10 per cent decline in turnover for each quarter. For small employers with fewer than 15 workers, a self-certificate will be accepted with penalties for incorrect certificates.

For more information of the turnover tweak, read our article here.

New rates and eligibility criteria is expected to be issued by the Treasurer shortly.

Modoras is here to support you as we navigate our way through the COVID-19 crisis. Make well-informed business decisions; contact us on 1300 888 803 to book a catch up with a Modoras professional.

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IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (QLD) Pty. Ltd. ABN 81 601 145 215. The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals’ personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (QLD) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (QLD) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (QLD) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (QLD) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.

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