The ATO JobKeeper scheme commenced on 30 March 2020 and the ATO are making payments to eligible businesses. From our experience in assisting our clients and liaising with the ATO, here are the essentials to ensure your business continues to be eligible for the JobKeeper:
1. Keeping the Right Records
Businesses need to keep the right records to prove that they are eligible. The ATO is releasing the JobKeeper payments quickly to help businesses in need. Do not assume this means there will be no further questions. The ATO will be conducting audits and businesses will need to prove they are eligible.
Records you need to keep include:
• Make sure your accounting records are up to date.
• Make sure you have work papers that show you satisfy the turnover test.
• For all staff and eligible business participants that you will be receiving the JobKeeper for, ensure everyone has completed the appropriate ATO nomination forms and you have this on file.
2. Paying the Correct Amount to Employees
Businesses need to pay employees at least the minimum $1,500 per fortnight required under the JobKeeper.
The pay runs need to be processed and paid prior to the ATO paying the JobKeeper to you.
3. Lodge Monthly JobKeeper Declaration
You must lodge your monthly JobKeeper declaration to the ATO within 14 days after the end of each month. Ensure you maintain records to support the information lodged with the ATO each month.
The ATO will only release the payments after you have lodged the declaration. The sooner you lodge it, the better for your business.
Please contact us to find out more. The team at EMspire Advisory are experienced bookkeepers, accountants, and on-call virtual CFOs in Sydney and can assist you in navigating the ATO COVID19 business assistance measures.
Please note that this information is not specific and is general in nature and cannot be relied upon as advice. Please contact us for specific advice for you and your circumstances.