Making an application for the Federal Government JOBKEEPER business incentive programme sounds complicated and looks cumbersome. We’re here to tell you it doesn’t need to be and to offer any assistance you might need…even if it’s just a simple explanation!
The steps you need to take are simple and logical and our INVISION Team will be on hand for clarification. Simply explained, it looks like this…
The first step in the process is to register your interest and an intention to participate. It simply lets the Government know you want to be included…we can worry about eligibility later!
- Employee Information.
You will need to provide information on your employee situation as at 1st. March just gone. The Tax Office will have most of this on hand through the Single Touch Payroll system.
- Employee Payments.
Your Employees will receive at least $1,500 per fortnight under this arrangement and this will be subject to P.A.Y.G. withholding. Where an Employee’s normal wage is less than $1,500 per fortnight, it will be “Topped Up” to the $1,500 amount. We will assist by adding a new payment line in your Xero or Quickbooks accounts to show the top up amount for the duration of the programme.
- Employee Notification.
You will need to notify all eligible Employees that you have included them in the programme.
- Provide info to the A.T.O.
Participating businesses will be required to provide information, on a monthly basis, to the Tax Office. Most of this will happen through the Single Touch Payroll system. The details are still to be worked out, but it will probably mean we all move to monthly Activity Statements.
We can help you understand the basic eligibility criteria…
What follows here is general and simplified but it will help you understand the eligibility criteria that will be applied to Your Business…
- You will be eligible if your turnover has fallen by more than 30% – This assessment will be based on your Business Activity Statements and compared to your turnover a year before.
- The Tax Office will have discretion to still allow the payment if your turnover has been affected by other circumstances – Like not having been in the business for more than 12 months, or maybe you made a large acquisition since the comparison date, which could have had a major effect on turnover.
- Employees must have been on your payroll at 1st. March and must continue in employment.
- Casual Employees would need to be employed on a regular basis for longer than 12 months before that 1st. March date.
- Employees can only receive the JOBKEEPER payments from one Employer.
- Self Employed people…
- Need to Register
- Need to provide an A.B.N.
- Need to nominate who will receive the payment and provide that person’s Tax File Number.
Of course, there’s lots more detail and lots more to know and understand, but that’s why you’ve got our number on ‘speed-dial’ isn’t it? Take the first step today…call or email Alan and his INVISION Team today and find out why JOBKEEPER can be a bit of good news in relatively bad times!
Call us today on (07) 3293 1436 or email us