We recently published a blog advising of the passage of the JobKeeper Payment legislation on the 8th of March.
In that blog, we explained the “framework” for the JobKeeper Payment which consists of the Treasurer making the Rules for the scheme and the ATO being delegated the job of administering the payments under the scheme.
Last night Parliament passed the legislation to enable the JobKeeper Payment scheme which is intended to deliver income support of $1,500 per fortnight to eligible employees of COVID-19 affected businesses.
Under this legislation, the Government has created a “framework” under which the Treasurer will be required to make rules to provide for the payments, including eligibility for payments, the amount of payments and the time that payments will be made.
On the 12th of March, the Federal Government announced their first economic response to the Coronavirus consisting of $17.6b of measures.
It quickly became obvious that those measures would be insufficient to address the economic fall-out of Coronavirus pandemic, with a further announcement made on the 22nd of March. This second announcement included adjustments that built on many of the measures previously announced, in particular the measure labelled “boosting cash flow for employers”.
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