On 4 January 2021, businesses entered into the final period of the JobKeeper wage subsidy – JobKeeper extension 2.2. Businesses are not required to have been enrolled in previous instalments of the scheme in order to be eligible for this last period.
JobKeeper Extension 2.2 Details
Key details of the final stage of the wage subsidy scheme are as follows:
- The final period of the JobKeeper wage subsidy takes place from 4 January 2021, to 28 March 2021. Over this period there will be 6 JobKeeper fortnights (21 – 26).
- In order to be eligible for the wage subsidy during this final period, businesses must have experienced a 30% decline in turnover when comparing actual GST turnover for the quarter ended 31 December 2020 to the turnover reported on the BAS for the quarter ended 31 December 2019 (G1 Total Sales).
- Businesses must submit their Decline in Turnover by 31 January 2021 in order to receive reimbursement for Fortnights 21 and 22.
- The Wage Subsidy Tiers are reduced again over this final term. Tier 1 is worth $1,000, while Tier 2 is worth $650 over each fortnight.
- Businesses should also be aware that Wage Top Up payments are due to be made by 31 January 2021.
Other Important Dates
Business owners should also take note of the following dates:
- 28 January 2021 – December 2020 Monthly JobKeeper Declaration due (extended from the usual 14th of the month)
- 31 January 2021 – Deadline for submission of turnover eligibility, meeting of wage criteria and nomination of employee wage tiers (assuming business was not enrolled in JobKeeper 2.1).
Morrows would also like to remind our clients that all businesses should review their eligibility for this final stage of JobKeeper. Some businesses who were ineligible for JobKeeper 2.1 may now be eligible for JobKeeper 2.2.
As always, if you require any assistance with your documentation/submissions or have any questions relating to the JobKeeper extension 2.2, we are here to help! Please get in touch with your Morrows advisor.