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In this episode of The nestegg Podcast, host Maja Garaca Djurdjevic checks in with our three experts, digging into the biggest headlines of what’s happening when it comes to the world of superannuation, property, investing and wealth creation.

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Steve Waters, director of Right Property Group, talks about affordability, inflation and his expectations for property in 2022.

RMIT senior lecturer of finance Dr Angel Zhong covers the interesting topic of buy now, pay later and what its introduction to the hospitality industry could mean for consumers. She also relays her thoughts on CBA’s entry into crypto and how other banks may react.

Finally, tax and super guru Timothy Munro tackles the likely return of a popular tax-saving measure in 2022. He also delves into super’s stellar performance and why Aussies aren’t leaving failing MySuper products.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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The latest JobKeeper changes: What you need to know

By Grace Ormsby

August 10 2020
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Earn

The latest JobKeeper changes: What you need to know

By Grace Ormsby
August 10 2020

The government is easing eligibility requirements for JobKeeper 2.0 as it aims to stem the fallout of Melbourne’s stage 4 restrictions – so what will this mean for you?

The latest JobKeeper changes: What you need to know

By Grace Ormsby

August 10 2020
Share

The government is easing eligibility requirements for JobKeeper 2.0 as it aims to stem the fallout of Melbourne’s stage 4 restrictions – so what will this mean for you?

Prime Minister Scott Morrison and Treasurer Josh Frydenberg first announced an extension to JobKeeper last month, past the initial 27 September cut-off date.

Originally, the changes meant businesses needed to show their GST turnover had fallen in the two quarters to the end of September, compared with the same time last year.

Now, businesses and not-for-profits will be required to reassess their eligibility with reference to their actual GST turnover in the September quarter 2020 to be eligible for the JobKeeper payment from 28 September 2020 to 3 January 2021.

More employees will also become eligible for the scheme under the changes – the relevant date of employment for access to the scheme has been shifted – employees now only need to have been employed since 1 July 2020 instead of the original 1 March 2020 date.

JobKeeper 2.0 will still plow ahead with reduced payments for eligible employers and employees.

From 28 September 2020 to 3 January 2021, JobKeeper payment rates will be:

$1,200 per fortnight for eligible employees working for 20 hours or more a week on average in the four weeks of pay periods before either 1 March 2020 or 1 July 2020, and for eligible business participants who were actively engaged in the business for 20 hours or more per week on average
$750 per fortnight for other eligible employees and business participants

From 4 January 2021 to 28 March 2021, JobKeeper payment rates will be:

$1,000 per fortnight for eligible employees working for 20 hours or more a week on average in the four weeks of pay periods before either 1 March 2020 or 1 July 2020, and for eligible business participants who were actively engaged in the business for 20 hours or more per week on average
$650 per fortnight for other eligible employees and business participants

To remain eligible for JobKeeper payments under the extension, businesses and not-for-profits will need to demonstrate that they have experienced the following decline in turnover (which remains the same percentage as previously):

50 per cent for those with an aggregated turnover of more than $1 billion;
30 per cent for those with an aggregated turnover of $1 billion or less; or
15 per cent for charities and not-for-profit commission-registered charities (excluding schools and universities).

The most recent changes are predominantly to provide a buffer to those Victorian businesses that have had to close as a result of the tough stage 4 restrictions currently in place in Melbourne, but the benefits of the eased restrictions will be available to all businesses nationwide.

According to modelling from the Treasurer, “We believe that about 530,000 extra Victorian employees will now join the JobKeeper program over the September quarter. That means 1.5 million Victorian employees will be using JobKeeper.”

Mr Frydenberg flagged it as “nearly half of the private sector workforce across the whole state”, with expectations that approximately $13 billion of the updated $101.3 billion cost of JobKeeper to be utilised in Victoria.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace Ormsby

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