Many Australian small businesses say JobKeeper has been a lifesaver in these difficult times. So Whats new in job keeper 2.0?

1. Job Keeper 2.0

2. Many Australian small businesses say JobKeeper has
been a lifesaver in these difficult times, so it’s a relief to
hear JobKeeper has been extended, with some notable
changes. We’ve tried to capture what’s new with the
wage-subsidy program below.
There are some complexities, so we recommend you
speak with your iKeep bookkeeper or accountant for
the fullest picture, as well as visit the ATO’s JobKeeper
extension page.

3. Chill Until September
If you want the JobKeeper changes summarised in 15
words, the Institute of Certified Bookkeepers has
captured them nicely: “Nothing changes before end-
September. Then some employers become ineligible,
and some receive less.”
You may remember that in your original application for
JobKeeper, you had to document a one-time drop in
business revenue of at least 30%. It only applied to
eligible employees who were with you before 1 March
2020.

4. After end-September 2020, you’ll need to document an
ongoing actual decline of 30% or more. And the decline
must be quarterly, whereas at JobKeeper’s launch, you
had more flexibility in choosing a period. It will still
apply only to eligible employees who were with you
before 1 March.
What does this change look like in practice?
For employers to be eligible for JobKeeper payments
from 28 September 2020 to 3 January 2021, they must
have recorded an actual decline in turnover of 30% or
more in both:

5. • the quarter ended 30 June 2020 (compared with the
same quarter in 2019)
• the quarter ended 30 September 2020 (compared
with the same quarter in 2019)
In the new year, the same pattern holds. To be eligible
for JobKeeper payments from 4 January to 28 March
2021, you must have also had an actual decline in
turnover of 30% or more in the quarter ending 31
December 2020 compared with the same period in
2019.

6. Now more than ever, it will be important to have your
Xero records up to date so that we can quickly assess
your business eligibility at the end of a quarter.
Smaller subsidy
If you remain eligible for JobKeeper payments after
September, you’ll find that the wage subsidy is less
generous. The $1,500 flat payment per employee, per
fortnight, could drop by more than half. There are no
changes to employee eligibility requirements. The
changes are as follows.

7. For eligible employees who work 20 hours or more per
week:
• $1,500 per fortnight payment continues until the
fortnight ended 27 September
• $1,200 per fortnight until 3 January 2021
• $1,000 per fortnight until 28 March 2021
• It remains to be seen whether JobKeeper will extend
past March 2021.

8. For eligible employees who work less than 20 hours per
week:
• $1,500 per fortnight payment continues until the
fortnight ended 27 September
• $750 per fortnight until 3 January 2021
• $650 per fortnight until 28 March 2021
• Remember that as an employer, you must pay your
staff before claiming the reimbursement from
JobKeeper. So you’ll want to take a close look at your
revenue, your payroll and determine how these
changes will affect your cash flow.

9. Again, it’s advisable to speak with an accountant or
iKeep Bookkeeper to ensure you’re factoring in
everything.