The 3rd stimulus package by the Australian government, announced the 'JobKeeper' subsidy. Employers who are eligible (showing at least 30% decline in turnover from Coronavirus impacts) will receive $1500 subsidy per eligible employee per fortnight, to help employers retain their staff. Below are some key points.

-          $1500 per fortnight 'job-keeper' payment per eligible employee, first payments from 1 May, backdated to 30 March 2020.

-          An eligible employee includes full time, part time & casuals with greater than 12 months service, employed on 1 March 2020 by an
   eligible business.  

-          An eligible business is a business whose turnover has fallen by at least 30% (50% for businesses with turnover of $1 billion or more).
   Applies to not-for-profits and charities. Losses need to be demonstrated or anticipated over a month (for example in comparison to the
   same month the previous year).

-          Registration commences from 20th April, to qualify for reimbursement of the first two fortnights employers must be registered by the
           26th April.

-          Employees required to nominate a 'primary employer' and notify that employer if they have multiple jobs (can only claim one).

-          The employer must offer it to all employees who were employed on 1 March 2020.

-          An employer must notify in writing that they are offering the JobKeeper payment to employees, employees are then to notify in writing
           their acceptance. After this the employer needs to write back notifying that they've completed the registration, by 26th April.

-          If ineligible in March, an employee can continue to test their revenue for the 30% decline rate in subsequent months.

-          If an employee leaves their employer whilst receiving the payment, they cannot go to a new employer and get the payment.

-          If a payment is received by an employee by 2 employers, the 2nd employer (either less predominant employer or the employer in which
           the tax-free threshold isn't claimed) must seek the money back from the employee and repay to the ATO.

-          If an employee is stood down, they will only receive $1500 a fortnight before tax.

-          If you ordinarily receive less than $1,500 in income per fortnight before tax, your employer must pay you, at a minimum,
           $1,500 per fortnight, before tax.

-          You cannot receive JobKeeper and JobSeeker.

-          It is not dependent on income; it is a flat payment.

-          Applies to NZ citizens on 444 visas but does not apply to any other visa type.

-          Available to sole traders with a 30% decline in turnover.

-          If an employee has been stood down since March 1, they will be eligible for the payment.

-          The payment does not attract GST as there is no taxable supply.

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The partners and staff at Brewster Walsh & Associates have a long history in the green triangle region and have gained expertise across a wide cross section of businesses and industries.  We offer a full range of advisory, accountancy, audit and business services.

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