Jobkeeper Q&A 21-4-2020

Uncategorized Apr 21, 2020
 

Note that all of this information is being updated regularly. I am keeping you up to date as much as I can, but be aware that last week’s video may now have some incorrect information in it.
Please make sure you are checking the ATO website regularly as they are adding new information daily.

Today:
Job Seeker vs Job Keeper
PAYG refund “cashflow boost”
Tax Planning – cashflow planning

Sole traders: https://www.ato.gov.au/…/In…/JobKeeper-guide---sole-traders/
Enrol on the business portal, or get your tax agent or BAS agent to do it for you. Tip – make sure you are eligible by checking your BAS reports for a turnover drop. Once you have passed the test for a month (any month from March to September, then you no longer need to qualify)
Basic test = 30% drop from last year based on GST turnover (that is what you used as G1 on the BAS.
Alternative test: where there is no relevant comparison period. “soon” will be available a test for businesses in operation for less than one year, or who have suffered temporary circumstances last year : https://www.ato.gov.au/…/In-de…/Applying-the-turnover-test/…
As a sole trader you are an Eligible Business Participant – so you will answer YES to this question on the form. You still need to meet the 30% drop in income test.
Each month you still need to log into the business portal or tax agent portal to reconfirm your eligibility in the scheme.
Other business owners
This is also for partners in a partnership, a beneficiary of a trust or a director or a shareholder in a company.
If you are not a sole trader and not an employee, you will need to fill out a nomination form.
https://www.ato.gov.au/…/…/Sole-traders-and-other-entities/…
You can receive a job keeper payment for ONE eligible business participant.

How to run Payroll:
Xero https://central.xero.com/s/arti…/Process-JobKeeper-payments…
MYOB: https://help.myob.com/…/COVID-19+wage+subsidy+%28JobKeeper%…

 

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