More than 6.3 million workers are currently having their wages subsidised via the federal government’s $130 billion JobKeeper scheme.
However, tax experts have warned that some businesses are exploiting the scheme by withholding invoices from clients for a month so they can meet the revenue reduction thresholds in order to quality for it. Bob Deutsch of the Tax Institute notes that businesses only have to meet these thresholds once to keep receiving the JobKeeper payments for the life of the scheme:
To qualify for JobKeeper a business must record or credibly forecast at least a 30 per cent decline in monthly or quarterly revenue between March 30 and September 27, compared to the same period last year…
