ATO has announced further details about the Jobkeeper payments as this link.
Below is our summary of your next steps
- Check your employees meet the eligibility requirements and get all eligible employees that you’ll claim the Jobkeeper for to fill out the attached nomination forms. Please get the list of eligible employees by this Friday to prepare for the application on 20 April
Do not forget to send us a copy
- Download our HQ Client apps for more updates and request for the application of Jobkeeper payment job. We’ll provide direct help with application on 20 April 2020
- If you decide to register yourself, you can enrol the Jobkeeper payment via Business portal
How to calculate a fall in turnover for the first fortnight starting 30 March?
- GST turnover for March 2020 with GST turnover for March 2019
- Projected GST turnover for April 2020 with GST turnover for April 2019
- projected GST turnover for the quarter starting April 2020 with GST turnover for the quarter starting April 2019.
How you choose to project your fall in turnover is not dependent on whether you report a quarterly or monthly BAS, though you can do that if it is easier. The turnover calculation is based on GST turnover, but there are some modifications, including disregarding GST grouping (where two or more associated business entities operate as a single GST group). ATO will provide more information soon about applying the turnover test.
If you work out that you qualify for the JobKeeper payments for the first fortnight because your turnover has declined by the relevant amount, you remain eligible and do not need to keep testing turnover in following months. However, you will have ongoing monthly reporting requirements. More information will be provided soon.
The Commissioner of Taxation also has the discretion to set out alternative tests that can establish your eligibility when turnover periods are not appropriately comparable (for example, if your business has been in operation less than a year). ATO will provide more information soon about alternative tests
Sole traders and business owner actively engaged in their business
Sole traders can be eligible for the JobKeeper payment if their business has experienced a downturn according to the eligibility criteria. ATO will provide more information soon about the eligibility of sole traders for the JobKeeper payment.
Other businesses in the form of a company, trust or partnership can also qualify for JobKeeper payments where a business owner (a shareholder, adult beneficiary or partner) is actively engaged in the business, or a director is actively engaged in the business. This is limited to one entitlement for each entity even if there are multiple business owners or participants. ATO will provide more information soon about the eligibility of these businesses for the JobKeeper payment.