With so much going on in the business world at the moment, it’s important to try to step back and summarise information so you do not become overwhelmed. Here’s some bite-size information about JobKeeper and the Cashflow Boost.
- You must pay $1500 per eligible registered employee per fortnight. The ATO fortnights are based on PAYMENT dates of payroll and nothing to do with your pay cycle. Please check the ATO calendar in regards to their payment fortnights.
- Remember that the $1500 is before tax, therefore you must withhold the appropriate PAYG on the payroll.
- For the business, the JobKeeper payments are assessable for income tax purposes (not BAS purposes), and not subject to GST.
- Monthly reporting is required by the 7th of the month (for the previous month) which involves employee numbers, Business Participant numbers, actual turnover figures and estimated turnover figures for current month.
- This scheme is a refund for eligible businesses PAYG for the March and June periods to a maximum of $50,000 and with a minimum of $10,000.
- If your ATO Integrated Client Account (ICA) balance is less than your credit, a refund will be issued to your bank account. Please ensure these bank details are up to date with the ATO.
- Most eligible businesses should have already seen the refund appear on their ICA. If this has not happened please contact us to help – or contact the ATO directly.
- For the business, the Cashflow Boost payments are non-assessable non-exempt income.
Please remember that as a business it is really difficult to run your business, keep on top of all the compliance and ensure you are getting the best outcome for you financially. If you need help, reach out and contact us to take the burden off you.
Stay safe Australia!