JobKeeper Update

The ATO has released a step-by-step guide for business owners looking to enrol and apply for the JobKeeper payment.

Businesses can enrol for the JobKeeper from 20 April 2020 using the Business Portal.

See the following steps in order to get ready:

How do employers make a claim?

1.  Click here to apply and register intention.

2.  Click here to check if you and your employees meet the eligibility requirements.

3.  From 20 April 2020, you can enrol with the ATO for the JobKeeper payment using the Business Portal and authenticate with myGovID. You must do this by the end of April to claim JobKeeper payments for April.

4.  Obtain a notification from each employee, confirming the employee’s consent to being included in the employer’s JobKeeper application. Click here to download form.

5.  Notify the ATO that it wants to participate by 26 April 2020 if it wants to participate from the commencement of the scheme on 30 March 2020.  Otherwise businesses must notify its participation before the end of the first JobKeeper fortnight for which it wants to participate.

6.  Provide details of eligible employees for each fortnight to the ATO in the approved form. The ATO will use Single Touch Payroll data.

7.  Notify eligible employees within 7 days of each fortnightly claim for the subsidy.

8.  Report monthly to the ATO by the 7th of each month on its GST turnover for the previous month, and its projected GST turnover for the coming month

Click here to view our latest fact sheet on JobKeeper payments.

For all non business and business incentives please click here to see our summary of fact sheets released to date.

Please contact your Harris Black team member if you require any assistance.

Harris Black Update – COVID19 Government Incentives

JobKeeper Package update

Legislation was passed yesterday for the JobKeeper package, which today received Royal Assent.

Unfortunately the legislation did not provide a great deal of clarity but instead set up a framework to allow the Treasurer to make “Rules” which were released yesterday in draft format.

Click here to view the summary of the rules based on the Treasurer’s draft “Rules” and the finalised legislation.

We will get further clarity in the coming days as more information is provided by both the Treasurer and the Australian Taxation Office and will provide more information as this is released.

Government Incentives Summary

There has been a lot of announcements over the last four weeks from both Federal and State Governments.

Click here to view a summary of what incentives your business may be entitled to and get an understanding on how they work.

For all non business and business incentives please click here to see our summary of fact sheets released to date.

Harris Black Update – Surviving COVID-19 For SMSF

Directors and staff at Harris Black are having a lot of discussions with clients regarding the uncertainty of the current business climate as well as its impact on cashflow.

We want to advise that at this point the government has introduced 2 measures to assist with cashflow involving Superannuation Funds:

• Early release of superannuation for eligible individuals
• Temporarily reducing superannuation minimum payment amounts

How can we help you?

Today’s financial environment demands a regular review of strategy and a focus on execution.