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When you’ve worked so hard for everything you have, the last thing you want is to leave it at risk. Maximise the protection...

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Succession

As a business owner you need to think about who will take over if you choose to retire, travel overseas or simply step back from the day-to-day operations...

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For Employers - Jobkeeper

ELIGIBLE EMPLOYERS

Employers will be eligible for the subsidy if:

+ They have a turnover of less than $1 billion and their turnover will be reduced by more than 30% relative to a comparable period a year ago (of at least 1 month); or

+ They have a turnover of more than $1 billion and their turnover will be reduced by more than 50%

+ The employer must have been in an employment relationship with an employee as at 1st March 2020 and the employee must be currently engaged in order to receive JobKeeper Payments

 

ELIGIBLE EMPLOYEES

Eligible employees are:

+ Those who are currently employed by the employer (including those stood down or re-hired)

+ Were employed by the employer as at 1st March 2020

+ Includes full time, part time, or long-term casuals (employed more than 12 months)

+ Must be 16 years of age

+ Australian citizen, holder of a permanent visa, Protected Special Category Visa Holder, non protected Special Category Visa Holder (residing in Australia more than 10 years), or a Special Category (Subclass 444) Visa Holder; and

+ Not in receipt of a JobKeeper Payment from another employer

Employees who receive the JobKeeper Payment from another employer must report their JobKeeper Payment as income and their eligibility for payments from Services Australia may be affected.

 

APPLICATION PROCESS

For Businesses with employees, employers can register their interest in applying for the JobKeeper Payment via the ATO from 30th March 2020 by clicking here.  Afterwards, eligible employers will be able to apply via an online application.  It is expected that employers will receive their first payment from the ATO in the first week of May 2020.  Employers will need to identify eligible employees and must provide monthly updates to the ATO.

Participating employers will be required to ensure eligible employees will receive, at a minimum, $1,500 per fortnight before tax.  It will be up to the employer if they want to pay superannuation on any additional wage paid because of the JobKeeper Payment.

For Businesses without employees, (such as the self-employed), can register their interest in applying for JobKeeper Payment via the ATO from 30th March 2020 by clicking here. Businesses will need to provide an ABN for their business, nominate an individual to receive the payment and provide the individual's Tax File Number along with a declaration as to recent business activity.  Self-employed businesses will also be required to provide a monthly update to the ATO to declare their continued eligibility for the payments.

 

ADDITIONAL INFORMATION

+ https://treasury.gov.au/coronavirus/jobkeeper

+ https://www.ato.gov.au/general/gen/JobKeeper-payment/?=redirected_JobKeeper

+ Click on the Fact Sheets below

 

We are here to help you. Please contact our office if you need any assistance!

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Recent Updates

07 April 2020
New working from home tax deduction ATO announces short cut method for claiming home office running costs The Australian Taxation Office ('ATO') has announced a temporary simplified short cut method to make it easier for individual taxpayers to claim deductions for additional running expenses incurred (e.g., additional heating, cooling and lighting costs), as a result of working from home due to the Coronavirus pandemic. Refer to t... More detail
07 April 2020
Coronavirus - Latest News New Working from Home Deduction + The ATO is announcing special arrangements this year due to COVID-19 to make it easier for people to claim a tax deduction when they are working from home. + The new arrangement will allow people to claim a rate of 80c per hour (commencing 1st March 2020) for all their running expenses, rather than needing to calculate costs for specific running expenses. + You... More detail
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  • Up-To-Date Accounting Services
  • PO Box 6161
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  • Up-To-Date Accounting Services
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  • Email admin@up-to-date.com.au