The JobKeeper Payment Package is one of the Federal Government’s most significant financial aids in Australian history in response to the Coronavirus (COVID-19) pandemic.
The $130 billion packages for eligible Australian businesses applies to Australian doctors, and as one of the most trustworthy resources on all things finance-related in the medical industry, Medic Financials has compiled the essential points in this handy article.
Understanding the JobKeeper payments
As there is no formal legislation, the application and payment process for the Jobkeeper aid is slowly rolling out with more details available each day. The most current information that affects those in the medical industry, for both employees and the self-employed, is as follows.
The goal of the aid is to help businesses in keeping their employees via a temporary scheme that is open for anyone impacted by COVID-19 (self-employed included). The Government will provide $1,500 per fortnight for each eligible person for up to six months.
How to register
You must first register your interest via the Australian Tax Office (ATO) separately for each employee. Any registered business can enrol via the Business Portal with their myGovID.
To ensure you receive payments quickly, it is vital to enrol by the end of April. Any business with a turnover less than $1 billion that has been reduced by more than 30% compared to the same period a year ago will be eligible.
Information required
Once the employer has filled out an application and supplied any supporting documentation necessary, the process shall begin. Initial documents required will need to demonstrate a downturn in business while coupled with a report of all eligible employees employed monthly.
The payment will be given for each eligible employee on a full-time, part-time, or long-term casual basis.
Self-Employed medical professionals
If a 30% decline in turnover has occurred relative to a comparable period, those classified as self-employed may also have their eligibility assessed by the ATO. The primary requirements in this sector are:
- All applicants are Australian citizens
- Provisions for holders of a permanent visa
- Arrangements for a protected Special Category Visa Holder
- Allowances for a non-protected Special Category Visa Holder who has been residing in Australia for at least ten years
Need help understanding your eligibility or application?
The subsidy began on 30 March 2020, with the first payments in the first week of May 2020. If your business needs help to register interest in participating in the payment or any other questions on how best to protect your finances during the turbulence of COVID-19, Medic Financials are here to help.
We specialise in the financial strength of those throughout the medical industry and can save you time and hassle of organising your finances while ensuring you receive any aid that applies to your situation. Speak to us today.
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