COVID-19 Update #12

 In News

JobKeeper Bill Passed

Yesterday, the Coronavirus Economic Response Package Bill 2020 was introduced and passed by both Houses of Parliament. However, the finer details of how the JobKeeper Payment Scheme will operate have not been released.

What it did was set up a framework that gives the Treasurer the power to make Rules, by way of Legislative Intrustiment as to how the scheme will work. The rules have not been released yet.

ATO’s Role in the JobKeeper Payment Scheme

The Commissioner of Taxation will be given certain discretions relating to the operation of the Scheme, including the ability to provide alternative turnover tests that can be satisfied if the tests already announced by Treasury cannot be met (e.g., that businesses with a turnover below $1 billion must have had or will have at least a 30% reduction in their turnover due to the effect of COVID-19).

For the latest details on the JobKeeper payment, go to the Treasury.

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