Today, the Coronavirus Economic Response Package (Payments and Benefits) Bill 2020 was introduced and passed both Houses of Parliament. Unfortunately, it did not contain the finer detail of how the JobKeeper Payment Scheme ('the Scheme') will operate.
What it did was set up a framework including giving the Treasurer the power to make Rules, by way of Legislative Instrument, as to how the Scheme will work. These Rules are not currently available.
Further, as previously announced by Treasury, 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).
It is anticipated that the ATO will make this information available once Treasury has released the Rules.
We believe this information is imminent and as soon as it is available, we will be working quickly to provide you with all the information you need to assist your business.
We believe the information we previously provided you with at the time the Scheme was first announced by the Government and contained in the factsheets on Treasury's website will be, on the whole, representative of how the Scheme ends up operating.
Contact Collins Hume on 02 6686 3000 about any questions you have about the stimulus measures.