Arco Insights

The Government’s JobKeeper Payment Explained

On 30 March 2020, the Federal Government announced the introduction of the JobKeeper Payment. The payment is a wage subsidy paid by the Government to businesses significantly impacted by the Coronavirus. This will allow employers to continue paying their employees whether they are able to work or not. The Government will provide $1,500 per fortnight (pf) per employee for up to six months to eligible businesses. The business must pass on the payment to eligible employees.

The first payments will be paid to eligible businesses in the first week of May. If you are self-employed, you may also be eligible for the payments.

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Reduction in deeming rates

A further reduction in deeming rates was announced on 22 March. The deeming rates will reduce as follows: The deeming thresholds are unchanged at $51,800 (single)

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Coronavirus Supplement

The Coronavirus supplement of $550 per fortnight will be paid to new and existing recipients of:• JobSeeker Payment• Youth Allowance (Jobseeker)• Parenting Payment• ABSTUDY• Austudy•

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