Further to our blogs on 30th April 2020, 16th April 2020 and 31st March 2020, we are following up with an update on the key dates associated with the scheme.

What is on offer?

The JobKeeper Payment is a wage subsidy scheme available to businesses impacted by Covid-19. The Government will provide $1,500 (before tax) per fortnight to eligible employers per eligible employee for the period 30th March 2020 to 27th September 2020.

Key dates

Checklist

Before you enrol and make the claim for JobKeeper payments:

Monthly Business Declaration and JobKeeper Administration

Although the monthly business declaration is required for submission as part of the claim to the JobKeeper payment, “ATO Deputy Commissioner Deborah Jenkins clarified that businesses only have to prove their eligibility once at the point of enrolment, with the monthly business declaration not a retest of eligibility. Once you are eligible, you remain eligible for the period until September.”

Further, the ATO notes that the Commissioner will allow for some tolerance around projection predictions, as per the recently released Law Companion Ruling 2020/1. The ATO ruling goes on to say that “the Commissioner will accept your assessment of these turnovers, unless he has reason to believe that your calculation of your projected GST turnover was not reasonable.”

Finally, good record keeping is very important to show how you have arrived at your calculations and eligibility. Although there is no need for submission of these records to the ATO, it is critical to show clear methodology at how you arrived at your calculation using reasonable steps, in the event of a review asking you to substantiate your submission.

Conclusion

The Australian Government has clearly outlined the rules of the JobKeeper Payment Scheme; it is urged that eligible businesses apply for the scheme to help assist with the employment of staff and business operations.

Let Us Help

If your business has a turnover of over $1 million, ABJ Solutions is offering a complimentary 30 minute Zoom meeting to help answer questions and model critical decisions with you. Get in touch with us today so that we can help guide you through this challenging time.