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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the latest in equities, property investing and super.

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Steve Waters, director of Right Property Group, chats about the latest in property, including CoreLogic’s latest findings, which suggest national home values have increased at the fastest pace in over 30 years, and why he isn’t quite sure this is the case.

RMIT’s senior lecturer of finance, Dr Angel Zhong, talks about soaring travel stocks, the rising popularity of NFTs and what they are, as well as the sudden meltdown of Archegos Capital Management.

And lastly, tax and super guru Timothy Munro gives his thoughts on Paul Keating’s early release of super verdict, as well as an overview of life after JobKeeper.

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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Why 3.5 million Australians are getting a pay cut today

By Cameron Micallef

September 28 2020
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Earn

Why 3.5 million Australians are getting a pay cut today

By Cameron Micallef
September 28 2020

Close to 3.5 million Australians are set for a pay cut starting today as the government winds back its JobKeeper subsidy.

Why 3.5 million Australians are getting a pay cut today

By Cameron Micallef

September 28 2020
Share

Close to 3.5 million Australians are set for a pay cut starting today as the government winds back its JobKeeper subsidy.

Starting from Monday, 28 September, the Morrison government will reduce eligible payments from $1,500 a fortnight to $1,200 a fortnight.

The Australian Taxation Office (ATO) has stated that it will continue to support businesses through the changes, with employees’ benefits changing.

“There are some key dates to keep in mind, and simple steps employers can take now, so they are ready for the changes, but please remember that not everything needs to be done from next week,” said deputy commissioner James O’Halloran.

“From Monday, 28 September, employers will need to pay their eligible employees a different rate of JobKeeper, with the rate dependent on the number of hours they work. These rates will change again from Monday, 4 January.”

The ATO stated that it is important for employers to let their eligible employees know now what rate of JobKeeper payment they will receive.

“Although you do not need to re-enrol in JobKeeper, you do need to notify us of your eligible employees and what rate you are paying them as part of your normal payday reporting in October. This can easily be done through Single Touch Payroll.

“Employers will also need to nominate any new employees if they are applying for a JobKeeper payment for them for the first time,” said Mr O’Halloran.

From 28 September - 4 January

From 28 September, those who are working more than 20 hours per week will receive $1,200 per fortnight. That’s around 80 per cent of the minimum wage, and this is called Extension 1.

But the new system is two-tiered, meaning those who work less than 20 hours per week will receive $750 per fortnight.

After 4 January

The first extension period runs until 4 January, with Extension 2 kicking in from that date and lasting until 28 March 2021. All in all, JobKeeper has been extended for another six months.

This scheme will see those working more than 20 hours per week eligible for $1,000 per fortnight, and those working less than 20 hours per week eligible for $650 per fortnight.

For the extension period commencing 28 September 2020, employers will need to show that their actual GST turnover has declined in the September 2020 quarter relative to a comparable period. This needs to be done before 31 October 2020. See the actual decline in turnover test actual decline in turnover test for more information.

Alternative tests for determining actual decline in turnover may be available in some circumstances and the ATO encourages businesses to seek guidance if necessary.

“We are here to support employers and we know how vital the JobKeeper payment is to the community,” said Mr O’Halloran.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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