The health impact of the coronavirus (or COVID-19) has been immense and continues to have drastic consequences throughout Australia and the wider world.
The other effect has been one of economic and social impact. Thousands upon thousands of employees have lost their jobs as a result of the economic downturn.
That’s when government has been called out to for help. The result of which is the JobKeeper Scheme for Australian businesses impacted by the coronavirus.
Just when the health concerns of the virus were causing panic, the very idea that you could lose your job and your livelihood was creating waves of stress throughout the workforce. The impact has not been limited to a select group of companies. The turmoil has affected a whole range of industries.
The Federal government’s JobKeeper scheme is one specifically designed to help Australian employers retain or re-engage their employees – including those who were sacked or made redundant.
The downturn for Australian Businesses
Whilst problems with supply chains have had some devastating effects on businesses throughout Australia, this has been overshadowed by the huge impact in the field of food, hospitality and tourism.
The JobKeeper scheme will come as welcome relief to those within and those who rely on those businesses.
This is more than the livelihood of a hotel, restaurant or B&B, it is about everyone connected to that business including the teams of cleaners and delivery services who help with the running of the business. It is clear that the impact goes beyond the hospitality, tourism and accommodation industries.
That is why the JobKeeper wage subsidy has been seen as an important step in shoring up the economy during the crisis.
The JobKeeper subsidy at a glance
Essentially the JobKeeper scheme is a government subsidy to help businesses continue to pay their employees following the financial downturn brought on by the coronavirus.
The basic details outline that;
- each eligible employee will receive at least $1,500 per fortnight (before tax)
- Eligible employees include full-time, part-time and long term casuals
- Self-employed and Not-For-Profit organisations can also apply
- The scheme applies from the 30th of March for a period of up to six months
Employer eligibility depends on the ATO’s assessment regarding the business experiencing or will experience a decline of more than 30% in business turnover.
Working your way through the coronavirus crisis
The Australian Tax Office has more information of what assistance is available to businesses impacted by the coronavirus. Details are available from their website – ato.gov.au
Many employers and employees may be confused by the scheme and their eligibility for it. Despite the several resources available, you will need to show that the business turnover has or will suffer from the effects of coronavirus to access the funding.
That is where a financial expert can help take the worry and stress from the equation.
An accountant as an added helping hand
Knowing the Ins & Outs of your business financials can mean the difference between surviving the coronavirus effects on your livelihood and the employees who rely on you.
Having an experienced financial advisor on your side can be extremely beneficial.
The benefits can include;
- Organising your full financial records for ATO assessment
- Evaluating which forms of assistance you are eligible for
- Assisting with the correct paperwork to complete the process
- Following up on any details required by the scheme
These are stressful times but help is out there.
See the experts at Ruth Watson and Associates and get help for your business throughout the crisis and into the future.
Contact the trusted team today – just Click Here.