How can JobKeeper payment benefit you?

JobKeeper payment provides support to businesses affected by COVID-19 to keep more Australians in Jobs. This will help cover wages from 30th March 2020 until 27th September 2020.

Eligible employers, sole traders and other entities can now enroll for JobKeeper online and nominate eligible employees to receive the JobKeeper payment of $1500 per fortnight before tax.

WHO can claim?

Businesses / Employers (include sole traders) must meet either:

• Established before March 2019 or have appropriate comparison periods in 2019

Basic test: projected GST turnover (turnover test period) falls 30% (generally) than current GST turnover (relevant comparison period) and ACNC registered charity (not apply to universities and non-government schools)

• only needs to show a shortfall of 15% or more and Aggregated turnover tests for entities likely to exceed $1 billion (include affiliated foreign or connected entity)
• must show a shortfall of 50% or more and Aggregated turnover tests for entities likely to less than $1 billion
• must show a shortfall of 30% or more
• Established after March 2019 or don’t have appropriate comparison periods in 2019

Alternative test: commenced business after the relevant comparison period (business did not exist in that period) but not on or after 1 March 2020

• Relevant comparison period is a calendar month -- use average monthly current GST turnover (instead of current GST turnover)
• Relevant comparison period is a quarter -- multiply average monthly current GST turnover by three (instead of current GST turnover)
• If the entity commenced business before 1 February 2020, average all months after the entity commenced but before 1 March 2020
• If the entity started business before 1 March 2020, but on or after 1 February 2020, average days and then multiply it by 29
• Eligible employee, 18 years of age or older (on 1 March 2020), must be an Australian resident and either the full-time, part-time, fixed term employee or long-term casual employee (at least 12 months)

Application process

1. 1Check employer’s eligibility requirement based on Basic test or Alternative test
2. Check employee’s eligibility requirements
3. Prepare JobKeeper eligible business participant nomination notice
4. Continue to pay at least $1,500 to every eligible employee per JobKeeper fortnight
5. Send a JobKeeper employee nomination notice to all eligible employees
6. Login to Business Portal, link ABN to myGovID in relationship Authorisation Manager (RAM);
7. Or authorize registered tax or BAS agent to do all things on your behalf
8. Enroll for the JobKeeper payment (open until the end of May)
9. Identify and maintain your eligible employees on STP payroll software
10. Make a business monthly declaration as to your current and projected turnover

Contact us

I H & Professionals & Co Pty Ltd, will bring you individualized attention and timely JobKeeper application suggestions and solutions. Please contact us for further information.