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Here is what we currently know and for all these steps we will be providing you with authorities to enrol you in the system and templates to meet all your eligibility and record keeping requirements and help you determine your business eligibility.
Decline in Turnover
Each individual entity has to test if their individual entity turnover did decline. If so, they then apply either the 30% or 50% test (that was determined by the Group Aggregated Turnover).
Aggregated turnover of all entities that are connected or affiliated with you is used for the purpose of determining if the decline in turnover % of 30% if turnover of the group is below $1b or 50% if over.
NFPs registered with ACNC are only 15%.
Comparing Turnover: Compare one of
You cannot claim for employees who:
After you have worked out you and your employees are eligible
If you meet the eligibility criteria and want to start claiming the JobKeeper payment on behalf of your employees, you need to start paying them at least $1,500 per fortnight (before tax) and continue to pay them for as long as you keep claiming.
When do I have to pay?
For the first two fortnights (30 March – 12 April, 13 April – 26 April), the ATO will accept the minimum $1,500 payment for each fortnight has been paid by you even if it has been paid late, provided it is paid by you by 8 May. This means that you can make two fortnightly payments of at least $1,500 per fortnight before the end of April, or a combined payment of at least $3,000 before the end of April.
You cannot claim the JobKeeper payment on behalf of employees who were not paid at least $1,500 before tax during each JobKeeper payment period.
You cannot claim the JobKeeper payment in advance. The JobKeeper payment is a reimbursement from the ATO to an employer in arrears and cannot be paid in advance in any circumstances.
Employees who were stood down or on long term leave
Employees who have been stood down from work under the Fair Work Act without pay may still be eligible employees as long as they were in your employment and met the eligibility criteria on 1 March 2020.
You will need to have paid them at least the minimum amount of $1,500 for each fortnight you claim in order to receive the JobKeeper payment.
Employees who have been terminated
If you terminated an employee after 1 March 2020, you can re-engage them, and they will be eligible if they met the eligibility criteria on 1 March 2020.
If you want to claim the JobKeeper payment for employees you have re-engaged, you will need to:
You as an Employee or Business Participant for JobKeeper
If you are an employee of your business, then you will follow all the guidance as an employee and complete all paperwork necessary for eligibility and continue to pay yourself at least the $1500 (before tax) per fortnight.
If you are a self-employed, sole trader, partner in a partnership or trustee in a trust then it is not necessary that you pay yourself $1500 per fortnight.
We are able to assist you with all steps and processes involved in the JobKeeper scheme which includes the setup in your payroll system and the respective reporting to the ATO. We will also be in communication with you and your accountants to ensure a consistent and appropriate interactions and provision of service.
Contact us for further information - email@example.com
I’m sure you are all aware of the JobKeeper payments being rolled out in the coming months.
Please find the latest information released from Treasury, to help you negotiate yours & your employee questions.
As always, the team at Boox are ready to help you out with your queries regarding this & any other issues in this worrying time.
Treasury updates JobKeeper guidance
Treasury has now updated its guidance on the yet-to-be-legislated JobKeeper payments, including significant information on eligibility and compliance.
Treasury has now released an updated frequently asked questions fact sheet on the proposed JobKeeper payments ahead of draft legislation being tabled before Parliament on Wednesday.
The 12-page fact sheet details responses to a raft of questions that have arisen in the wake of the government’s announcement to roll out a flat $1,500 payment per fortnight to businesses as a wage subsidy for employees retained in the business.
The update comes after the Commissioner of Taxation was given discretion to determine eligibility where businesses are unable to demonstrate impact through turnover reduction test.
Please also review the JobKeeper Payment - Information for Employers.
Take care everyone.