Australia markets closed

    +60.90 (+0.83%)
  • ASX 200

    +55.50 (+0.78%)

    -0.0032 (-0.47%)
  • OIL

    +1.20 (+1.61%)
  • GOLD

    -9.70 (-0.49%)
  • Bitcoin AUD

    +392.71 (+0.93%)
  • CMC Crypto 200

    +7.45 (+1.21%)

    +0.0010 (+0.17%)

    -0.0026 (-0.24%)
  • NZX 50

    -48.67 (-0.41%)

    +218.21 (+1.68%)
  • FTSE

    +11.31 (+0.15%)
  • Dow Jones

    +415.12 (+1.26%)
  • DAX

    +106.44 (+0.69%)
  • Hang Seng

    +90.98 (+0.45%)
  • NIKKEI 225

    +258.55 (+0.93%)

Fine print: Essential opt-in step to receiving JobKeeper payment

Here's how to opt-in to receive the JobKeeper payment. Images: Getty
Here's how to opt-in to receive the JobKeeper payment. Images: Getty

The federal government’s $130 billion JobKeeper package sailed through parliament last week with employers due to receive the first batch of payments from the first week of May.

These payments will be backdated to cover payments made by employers to employees from 30 March.

And while businesses need to take a few steps to ensure they’re eligible, employees also aren’t free of paperwork.

In order to receive the $1,500 fortnightly payment, employees need to first make sure they are eligible.

Then, they need to speak with their employer and confirm that they wish to receive the JobKeeper payment, the Australian Tax Office details in its latest fact-sheet.

If an employee has more than one employer, they will also need to choose one employer to receive the payment from, and inform that employer. Employees are unable to claim the payment from more than one employer. You will also need to tell any other employers that you do not wish to receive the payment from them.

Importantly, employees will also need to fill out the JobKeeper employee nomination notice provided by their chosen employer and return it to them as soon as possible. This form confirms your decision to be nominated by them and your identity.

Finally, if you already receive or are applying for a Services Australia income support payment, you will need to contact Service Australia and inform them that your employer has applied for the JobKeeper payment.

Australians are unable to receive both the JobSeeker and JobKeeper payment, with the Australian Tax Office warning that those who don’t notify Services Australia of their intent to claim JobKeeper might face a debt down the line.

Prime Minister Scott Morrison on Thursday confirmed the JobKeeper scheme will continue to operate for six months, regardless of whether business restrictions and social distancing measures are lifted earlier than that.

“I have always considered six months as the period in which we have been operating and will operate these lifeline measures in the economy, which is the JobSeeker supplement and JobKeeper payment,” he said.

“We have bought that time to find the road out, and we intend to use it wisely.”

He said that ideally, the economy after six months will be in a position where Australians’ wages can be supported by businesses rather than the government.

Morrison estimates 6 million Australians will receive the wage replacement payments, with nearly 200,000 businesses signed up at the beginning of April.

Make your money work with Yahoo Finance’s daily newsletter. Sign up here and stay on top of the latest money, news and tech news.

Follow Yahoo Finance Australia on Facebook, Twitter, Instagram and LinkedIn.