We have no doubt you have now heard of the government's JobKeeper program, and we know that with the rapid changes currently happening all around us it is becoming harder to stay up-to-date.
To help, we have put together a basic outline of what the JobKeeper program entails.
Some of the key components are:
Your turnover must have suffered a downturn of a minimum 30% since this time last year.
You are employing eligible staff who were on your payroll 1st March 2020.
They must be receiving a fortnightly payment of at least $1,500 gross.
If you have answered yes to these questions, then chances are you will be eligible to register for this program.
If you qualify, you as an employer, will then receive a $1,500 fortnightly payment per eligible employee from the government.
Even if you have not answered yes to all the questions, you may still be eligible for government assistance.
For those of you who operate as a sole trader, partnership, company or trust and DON’T draw a wage, there may be an option to claim JobKeeper as well. This may apply even if you do not pay wages.
The registration for this program commences Monday 20 April 2020. You will need to register by the end of April 2020 if you are to be eligible to receive the government JobKeeper payments for April 2020.
Please be aware that the above is a general guide only.
If you have already commenced the registration process, that is great.
For those of you who require assistance, we strongly encourage you to contact our office via email info@morethantax.com.au. Upon receipt of your email we will be in touch to discuss further.
There are two reasons that we ask that you please do not wait to act on this matter.
Firstly, if you haven’t registered by the end of April 2020, you will NOT be able to backdate your registration to receive the April payment. Secondly and of equal importance, there is a detailed process that needs to be followed to ensure that you meet all the criteria of eligibility. The effect of this is twofold:
You will receive the correct entitlement based on the information obtained.
All documentation including that between you and your employees will be vital in the event the Australian Taxation Office audits your claim(s) in the future.
We hope this has been helpful and answers some of your questions.
Take care and stay safe!