JobKeeper Deadlines are Nearing
Employers have until 31 October to enrol for JobKeeper 2.1 and submit their ‘Check decline in turnover’ form. 31 October is also the ATO’s deadline for meeting wage commitments to employees on JobKeeper for the fortnight 28 September to 12 October.
And that’s not all! 14 November is the deadline to lodge a business’s monthly declaration to remain eligible for JobKeeper payments. The monthly declaration applies to September through to 31 October. Eligible businesses must confirm a 30% or more reduction in turnover for the period. The declaration must also confirm the payment tier being claimed for each employee.
The new 2-tiered payment rates will be determined by the employer, so it is important to fully understand the new system.
Tier 1 will pertain to employees working 80 hours or more in the four weeks of pay periods before 1 March 2020 or 1 July 2020.
Tier 2 applies to all other eligible employees and business participants. Click here to find out who is eligible.
The following can be used as a basic guide for those making the JobKeeper declaration:
- Identify the turnover period.
- Evaluate the basis test or comparison (some businesses will use the G1 label from activity statements where appropriate and suitable)
- Work out the GST turnover for the periods with shortfall percentages applying. Determine if it has declined by 30% or more.
Note: the turnover test must be based on actual sales in the relevant quarter not projected sales. This is a change from the previous JobKeeper scheme.
Want to know more?
With JobKeeper 2.0 now in effect, and new Government stimulus measures constantly being announced, our team are working hard to update our tools and information for you.
Below are some articles that also relate to this topic, and may help you make well-informed financial decisions:
Our team of professionals are here to support you during this time. To make the most of Government schemes and help build a resilient business, contact us on 1300 888 803 to book a catch up with a Modoras professional.
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