The federal government will pay eligible businesses $1500 for every worker, every fortnight, to ensure staff stay employed during the COVID-19 pandemic.
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Any company that has taken a 30 per cent hit to its turnover - or 50 per cent for companies with an annual turnover higher than $1 billion - can apply for the scheme through the Australian Tax Office.
Full-time and part-time workers, and casuals employed for at least 12 months, are eligible, including those stood down since March 1.
The $130 billion package will last for six months, and is backdated to March 1 - businesses will receive payments in the first week of May.
Sole traders, self-employed individuals and not-for-profit entities are included.
The payments, labeled "jobkeeper" by the federal government, are separate to the "jobseeker" payments for the unemployed.
WHAT DO YOU THINK? HAVE YOUR SAY BELOW
The payments will subsidise part or all of a worker's income, including if a worker usually gets paid less than $1500 per fortnight.
A Treasury overview states the payment is intended to maintain connections between employers and employees.
"These connections will enable business to reactivate their operations quickly - without having to rehire staff - when the crisis is over," it states.
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"In circumstances where an employee is accessing support though Services Australia (Centrelink) because they have been stood down or had their hours reduced and the employer will be eligible for the JobKeeper Payment, the employee will need to advise Services Australia of their new income.
"It will be up to the employer if they want to pay superannuation on any additional wage paid because of the JobKeeper Payment.
"Payments will be made to the employer monthly in arrears by the ATO."
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Employees can only nominate one primary employer and cannot receive payments from more than one employer.
Commerce Ballarat chief executive Jodie Gillett said the scheme was needed after the thousands of jobs lost in the past two weeks across the city.
"Any support from government that assists businesses and their employees to survive this situation is welcomed," she said.
"We encourage them to look for further avenues to support into the future."
She added a host of free resources are available on Commerce Ballarat's website, including accounting and legal advice, and mental health tips.
A free online workshop for managers and HR officers on recognising the signs of family violence during the crisis will be run on Wednesday.
Ballarat Regional Trades and Labour Council secretary Brett Edgington said workers in the hospitality, retail, and tourism industries would benefit.
"Broadly, it's a step in the right direction - I'm glad to see it extends to permanent part-time and casuals with more than 12 months of service," he said.
"It's excellent it's through the One-Touch payroll system, so ATO can make sure it's passed on to workers, the checks and balances are excellent."
However he cautioned the scheme may be too late for some businesses which do not have cash reserves to retain workers until May, when the payments will begin.
"I'm a little bit disappointed it wasn't introduced sooner, or immediately," he said.
"I would hope that after the announcement businesses would reconsider standing down their workforce, but carrying themselves through to may until the payments start flowing is going to be interesting."
More information, for employers and employees, is available on the Treasury website.
For more information on COVID-19 visit dhhs.vic.gov.au/novelcoronavirus or phone the Coronavirus Hotline on 1800 675 398 for advice if you are displaying symptoms.
JOBKEEPER SUPPORT PLAN AT A GLANCE
* Workers will get $1500 per fortnight through their employers
* It's equal to about 70 per cent of the median wage
* Total cost of $130 billion for a six-month period
WHO CAN GET IT?
* It applies to full and part-time workers, as well as sole traders
* Casual workers will get it if they've been on the books for 12 months or more
* Workers stood down since March 1 are eligible
* Six millions Australians are expected to benefit
* Kiwis on 444 visas will also get the payment
WHICH COMPANIES CAN APPLY?
* Those with turnovers that have fallen by at least 30 per cent
* For businesses with annual turnovers of more than $1 billion, that must have fallen by 50 per cent or more
* It also applies to not-for-profits
* Companies can register on the tax office website
WHEN WILL PAYMENTS START?
* From May and backdated to March 30
* Parliament will reconvene to pass the underpinning legislation
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