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Extending relief with JobKeeper 2.1 changes

Posted on August 26, 2020 by admin

The Government has introduced additional changes to JobKeeper to help more businesses qualify for the relief payments.

One of the key changes was moving the relevant date of employment for an eligible employee from 1 March to 1 July 2020, to extend employee eligibility. This allows those who were full time employees on or before 1 July 2020 and employees who became long-term casual workers between 1 March to 1 July 2020 to be eligible for JobKeeper. This will increase the amount of employees that are eligible under the current JobKeeper Scheme, and will also expand the eligibility criteria under JobKeeper 2.1.

Businesses originally needed to show that they have met the decline in turnover test in the June, September and December 2020 quarters to receive JobKeeper payments. To qualify for the first phase of the JobKeeper Extension (28 September 2020 to 3 January 2021) businesses need to show that they have had a decline in turnover only for the September 2020 quarter, in comparison to the previous year.

To qualify for the second phase of JobKeeper Extension (4 January 2021 to 28 March 2021) businesses need to show that they had a decline in turnover for the December 2020 quarter only to be eligible for payments.

This change can be particularly useful to businesses that may not have met the decline in turnover test in the June or September quarter, but suffer significantly in the December quarter.

The improved accessibility to JobKeeper payments comes from the impacts of economic downfalls in Victoria. It is predicted that more than 80 percent of these payments will flow towards assisting Victorian businesses and employees.

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Should You Join An Employee Share Scheme?

Posted on July 9, 2021 by admin

Known as an employee share purchase plan, share options or equity scheme, employee share schemes are used to attract, retain and motivate employees. Schemes can vary depending on the company (and the terms of the scheme can differ depending on the company) so it is important to consider carefully what the pros and cons are before becoming involved in an employee share scheme

Employee share schemes are designed so that you can receive or buy shares in the company that you work for. Often those shares are available to you at a discounted rate from what is currently the market price. Employee share schemes are a great way to reward or remunerate employees for their work. They also incentivise employees to stay with your company for longer and share in its success

There are different ways of paying for shares, such as:

You may be able to receive shares as a performance bonus or as remuneration instead of a higher salary. In a large company, this may come as “ordinary shares” which give an equity investment, but in a smaller company, you may only receive dividends.

Each share scheme is different, so look at the terms and conditions of the offer. Check:

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