JobKeeper Update and Key Dates
In case you missed it, the government passed legislation for the $130 billion JobKeeper payment last week.
The ATO’s website has a dedicated spot to enrol and apply for the JobKeeper payment from 20th April onwards. The website has details of the steps you (or your registered tax professional) can take to enrol for the JobKeeper payment.
Please be aware, you are required to continue paying at least $1500 to each eligible employee per JobKeeper fortnight (the first JobKeeper fortnight is the period from 30 March to 12 April).
You also have to ensure you meet eligibility requirements and notify your eligible employees. Your employees will have a notice to complete and return to you by the end of April (if you want to claim from April).
Note: you cannot pay your employees less than $1500 per fortnight and keep the difference.
There’s an 8-step process you need to complete, which you can find here. Please get in touch with us if you would like to chat through this.
Key Dates to be Aware of
1 March 20: Must have been carrying on a business in Australia
1 March 20: Only employees who were employed by the entity on this date are eligible (unless eligible business participant)
12 March 20: Must have an ABN by this date and have lodged 2019 ITR or a BAS with taxable supplies (only where there are ‘eligible business participants)
30 March 20: Decline in turnover test applies to months ending after this date (i.e. first month is March)
30 March 20: Start of the first JobKeeper fortnight
1 April 20: Decline in turnover test applies to quarter commencing on this date (June 2020 quarter)
12 April 20: End of the first JobKeeper fortnight ($1500 wage condition to be satisfied for each eligible employee) (Commissioner discretion may be available to recognise back-payments)
20 April 20: Enrolment available on Tax Portal
26 April 20: End of the second JobKeeper fortnight ($1500 wage condition to be satisfied for each eligible employee)
26 April 20: Cut-off date for enrolment for first and second JobKeeper fortnights (Nomination notices to be received from all eligible employees)
4 May 20: Confirmation of eligible employees available to notify on Tax Portal (Employees must be notified in writing within 7 days of lodging information with ATO)
7 May 20: Report to ATO the April 2020 GST turnover and May 2020 projected GST turnover
10 May 20: End of third JobKeeper fortnight ($1500 wage condition to be satisfied for each eligible employee)
10 May 20: Cut-off date for enrolment for third JobKeeper payment (if did not enrol for first two payments)
14 May 20: ATO to make payment for first two JobKeeper fortnights
27 September 20: End of last JobKeeper fortnight * this is a Sunday