By mid-March we will have reached 12 months of COVID affecting many aspects of our everyday life, from the wider economy and individual businesses’ financial performance to people’s personal finances – in particular managing mortgage repayments. The end of March 2021 signals two significant changes to the financial landscape, the finalisation of both JobKeeper Payment and widescale mortgage deferrals.
The JobKeeper Payment has been extended until 28 March 2021. It’s important to be aware of your obligations as an employer, to ensure your business continues to be compliant and that you pay your eligible employees at least the correct JobKeeper amount of either $1,000 for tier 1 or $650 for tier 2.
The new “decline in turnover” form to calculate eligibility for the second extension period is now available and existing eligible employers must complete this form before completing their business monthly declarations from 1 February 2021.
The good news is, there is more time to meet certain JobKeeper obligations to support employers due to possible leave taken over December and January.
The JobKeeper Payment remains open to new and existing participants that meet eligibility requirements until the end of the scheme in March 2021.
It is generally considered that mortgage deferrals are ending on March 31st, however this may differ between institutions. The Australian Securities and Investment Commission (ASIC) has advised financial institutions that they need to give their customers ample warning and make reasonable efforts to notify their customers about their deferral expiring. If you have not received any correspondence, get in touch with your financial institution to confirm what their expectations are.
As always, we would be pleased to assist with providing you with any support, assistance or advice. If you need help, please contact:
CEO | RBG