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Insights

October 17, 2020

JobKeeper Deadlines are Nearing

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James Morris
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:

  1. Identify the turnover period.
  2. Evaluate the basis test or comparison (some businesses will use the G1 label from activity statements where appropriate and suitable)
  3. 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.

IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (QLD) Pty. Ltd. ABN 81 601 145 215. The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals’ personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (QLD) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (QLD) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (QLD) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (QLD) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.

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