Jobkeeper Wage Subsidy - A One Accountants

The Jobkeeper Wage subsidy application form will be made available from Monday the 20^th of April 2020 and you would ideally have up to 30^th of April to make relevant submissions, giving you 10 Days to act.

Hi everyone this is Anand Shukla from A One Accountants and as promised in my previous video I have come here today to bring to you an update regarding the Job-Keeper Wage-subsidy.

Applications for JobKeeper Wage Subsidy are now open and our application fee is as under:

Fee Schedule for JobKeeper Applications:

Sole Trader = $110

Company, Trust, Partnership, NFP’s without employees = $220

Any of the above structures with employees = $330.

Given there are many rules with regards to the application of the Job-Keeper payments, there is a possibility you may miss out if you do not do this correctly.

We had been following up with the tax office over the past week (16/04/2020) to receive furtherclarifications.

Our questions were based on queries raised by existing business clients.

We needed to know more regarding the working of this new scheme.

More importantly, we needed to know:

How to enrol as an employer?
How to enrol as an employee?
What compliance documents needed to be lodged?
What are the rules for self-employed individuals?
How do business owners including self employed individuals such as sole traders enrol?
How will the employers be paid?
How will employees be paid?
Would trust beneficiaries and company directors be eligible to receive these payments?
How do the 30% turnover test apply?
Is enrollment in STP compulsory?

The comments made are only highlights of the actual legislation which is a few pages long and hence you should carry out your own due diligence and research in regards to how and if they apply to your personal circumstances. You can contact us should you have any questions.

So then, how do they apply?

As an employer, you need to enrol using the ATO’s business portal via your tax agent. Please see the link to an online form for you to complete and submit.

https://www.a1accountants.com.au/job-keeper-enrolment-request-form/

As an employee, you need to complete a notice of nomination for the JobKeeper Wage Subsidy and submit this with your employer.

Please see the link below to download and print:

https://www.a1accountants.com.au/wp-content/uploads/JobKeeper-Employee-Nomination-Notice.pdf

The due date to provide this form for employees and complete the JobKeeperenrolment for employers would ideally be before any payments have been made by the ATO.

This effectively gives you about 10days to complete related processes from the 20^th of April onwards given payments shall come in from the 1^st week of May.

An employer would need to have retained a signed declaration of the nominee employees prior to applying to receive the payments from the tax office.

As an employer you would use the information provided via the nomination forms and provide nomination details to the tax office with your JobKeeper Wage subsidy application.

You would need to have made eligible payments of a minimum of $1500 per fortnight before claiming Jobsubsidy payments from the tax office.

As an employer you also need to complete a declaration that consists of questions that confirm your business’s eligibility.

If you are self-employed, or a company director or a trust beneficiary , you do not need to complete the nomination form since you could nominate 1 business participant per entity via the business’s ATO portal.Please note: As of 16^th of April 2020, the rules for sole traders are yet to be provided by the tax office.

However, what we know so far is that if you are a sole trader and not registered for GST, you would need to have lodged your tax returns for 2019 prior to 12^th March 2020 to be eligible.

The 30% reduction in turnover is determined by comparing any one of the below to a prior year.

GST turnover for March 2020 with GST turnover for March 2019

projected GST turnover for April 2020 with GST turnover for April 2019
projected GST turnover for the quarter starting April 2020 with GST turnover for the quarter starting April 2019.

With regards to receiving JobKeeper Wage Subsidy payments from the tax office as an employer, or a business participant, you will be paid directly into the business’s bank account.

If you have enrolled via the STP system, you report employee payroll data via STP.

For others, you would be able to submit this data electronically and hence STP would not be a mandatory requirement.

I believe, I have answered most of the commonly asked questions by now and you would now have some clarity in regards to the operation of the Job-keeper Wage subsidy payments.

So then,

How can we help?

If you are a business owner, we can help prepare and submit relevant documentation and declarations to the ATO and help you receive the payments from the tax office. We can help you complete formal documentation in the correct order to ensure you do not miss out. I have also provided a link to a previous video which majorty talks about qualifying criteria to receive the Wage Subsidy.

With this, I thank you all for listening to me, and I wish you all, all the very best.

Thank You& Stay Safe.

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