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JobKeeper Payments – Legislation Enacted
In brief: The Coronavirus Economic Response Package (Payments and Benefits) Act 2020 has been enacted. However, that Act merely provides the framework for the JobKeeper Scheme – for the sake of flexibility, the detailed rules for the scheme are contained in Rules issued by way of legislative instrument by the Treasurer under the authority of the Act. Treasury Fact Sheets have been updated to incorporate those JobKeeper Rules – they are included among the resources available on the following Treasury website:https://treasury.gov.au/coronavirus/resources
More: Businesses must elect to participate in the JobKeeper Scheme and, for either the 1st (commencing on 30 March) or 2nd fortnight of the scheme, that election needs to be made by 26 April. Information about how that election is to be made and more detail about reporting requirements are expected soon from the ATO. In the meantime, businesses that may be eligible should register their interest on the ATO website.
In addition to the Treasury Fact Sheets, there is a useful ‘Frequently asked questions’ on this webpage: https://treasury.gov.au/coronavirus/jobkeeper
And the Rules (and the associated Explanatory Statement) can be obtained from the following webpage: https://www.legislation.gov.au/Details/F2020L00419
14 Apr 2020
Topic: Income tax/Other news
06 Jun 2016
Topic: CGT/Income tax/Business and investment structures/Trusts
18 Apr 2016
Topic: CGT/Business and investment structures
17 Feb 2016
Topic: Trusts/Business and investment structures/State Taxes
07 Dec 2015
Topic: Business & investment structures/CGT/Trusts
03 Nov 2015
Topic: CGT/Estate Planning/Income Tax