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JobKeeper 2.0 Turnover Tweak

Published by:
James Morris
Published on:
August 07, 2020
Modoras Accounting (QLD) Pty Ltd ABN 81 601 145 215
JobKeeper 2.0 Turnover Tweak

The Government has announced that tougher eligibility criteria for JobKeeper 2.0 coming into effect in September 2020 will now be reversed, as the Federal Government attempt to cushion the blow for Victoria’s second lockdown.

Previously, businesses hoping to receive JobKeeper from 28 September 2020, would have had to show a reduction in turnover of at least 30% in both the June and September quarters. But now, will just have to show at least a 30% drop in turnover for the September quarter, compared to the same period in the prior year.

To remain eligible for JobKeeper, businesses will still be required to provide their eligibility in January. With the assessment now based off the December 2020 quarter, rather than the two earlier quarters previously required.

Employees hired from 1 July will also now be eligible for JobKeeper 2.0 from 3 August.  This change will now allow those businesses who have taken on additional staff but are now subject to stage 4 restrictions to be covered by the revised program.

The announced drop in payments from $1,500 to the tiered payment system of $1,200 for full-time workers and $750 for those working less than 20 hours per week will go ahead as announced.

Our Modoras team are still working to ensure your business is making the most of Government stimulus measures. Contact us on 1300 888 803 to book a catch up with a Modoras professional.

Want to know more?

View our latest materials on COVID-19 here.

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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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