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Job Keeper 2.0 Updates

JOB KEEPER

Australia is contending with the high unemployment rate since the year 2015. There are close to around 1 million people who have filed for the unemployment as the result of Covid-19. While, there are around 5 million who relies on the government job keeper and job seekers. With respect to various payment scheme, there is no longer to get by it but it is an important lifeline during the time where job opportunities are limited and have inevitable job loss ratio. Now, with the fear of second pandemic wave to loom the world, the support for payment scheme extension sounds clear and loud. The updated announcement by the Australian government reveals that the economic support by the payment scheme support would be less than Australians have been obtaining over the past months. Presently, the new change to the Job seeker payment and Job Keeper have been announced by Josh Frydenberg, treasurer. Early report also suggest that it was expected that the scheme of Job Keeper will cost around 130 billion dollars by the September end. Now, Victoria have been facing major restrictions and also lockdown at stage 4 and the bad news is that government is pulling out all the stops to support businesses.

The government have been coming under intense late scrutiny as many have been calling for the Job seeker payment plans and Job Keeper to continue beyond September when they were originally expire. As many families and businesses continues to do it tough, if we are going to make it through the pandemic but there is a need of clear and great support. Mainly, the changes might apply to all over Australia but not only Victoria. Presently, there are around 3.5 million workers who are on the Job seeker wage subsidy an originally, the government had been enforcing tight and strict requirement when it is up to the eligibility for the scheme. Under the original scheme, it is important for the business to prove a drop in the 30 to 50% of turnover relying upon the size to get the subsidy for around 6 months. While, the businesses relying on the scheme will also need to provide frequent reporting of turnover that is essential to prove that they have been experiencing major financial distress. It was also hoped that the scheme would be able to target some specific industries that are facing financial trouble. By following the major outbreak in Victoria, the tight and strict requirements have been rolling back. The government have been announcing the fact that instead of having to evaluate the requisite fall and to qualify for the Job Keeper 2.0, it is important for the businesses to have a fall in the quarter of September. The government have been largely steering clearly from the debate of job seeker specifically as many questions regarding the payment rate and payment scheme. Presently, those who are on the payment plan receives around 40 dollars a day but this is quite low.

In order to learn more about it, contact Opulent Accountants today.

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