The $130 billion Jobkeeper program will now only cost $70 billion, following errors in estimating the total cost.
Out of about 910,000 businesses who enrolled in the JobKeeper program, about 1,000 of them have made errors in completing the forms.
Over 500 small businesses with only ONE eligible employee reported a figure of 1,500 instead of 1, when advising the ATO of their proposed claim details.
This alone caused a massive extra number of anticipated claims. An extra 500 times 1,499 at $19,500 per claim comes to $14.6 billion alone.
The revised number of employees estimated to be eligible for the JobKeeper program, is now down from around 6.5 million to only 3.5 million.
This revises the cost estimate for the JobKeeper program down to about $70 billion, from the initial $130 billion estimate.
$60b JobKeeper error.
This results in a saving to the Australian taxpayer in the region of $60 billion.
The JobKeeper Form Error.
It appears that entering 1500 instead of 1 on this form might have been the issue, according to some reports.