Powered by MOMENTUM MEDIA
realestatebusiness logo

Subscribe to our newsletter

Details of JobKeeper confirmed

A business that complies with the JobKeeper eligibility criteria in April will continue to receive the $1,500 per fortnight wage subsidy for the remainder of the JobKeeper period, until 27 September, the ATO has confirmed, along with several other details.

Businesses that met the JobKeeper eligibility criteria upon their enrolment will continue to receive the $1,500 wage subsidy per fortnight even if they experience a boost in revenue in subsequent months, Deborah Jenkins, deputy commissioner from the ATO, confirmed in a webcast hosted by our sister title, My Business, on Tuesday (5 May).

Ms Jenkins stressed that businesses only have to prove their eligibility once, at the very start of the process. The monthly reporting obligations have a different purpose, she added.

“Once you are eligible, you remain eligible for the period until September,” Ms Jenkins said.

She reiterated that while businesses do have to report to the ATO on a monthly basis and predict their turnover each month, this no longer affects their eligibility.

Advertisement
Advertisement

“People can’t predict the future. They don’t have a crystal ball. Wouldn’t it be wonderful if businesses are doing well in that period and didn’t have a drop of 30 per cent, but they continue to be eligible even though, later on, they might find their business has kicked in, and people are shopping again, buying again, out in the restaurants and cafés,” Ms Jenkins said.

Clarifying the monthly reporting obligation, Ms Jenkins noted that besides making the correct payments, businesses do need to stay on top of their monthly declarations.  

Ms Jenkins explained: “Each month, they do need to make sure that they are paying them the relevant $1,500 per fortnight and through that period, but things change over time.

“You may find that some employees depart the country (if they’re able to) or they may not wish to remain on your books.

“That’s the purpose of the monthly declaration each month. It’s to make sure your business still exists and to check who your employees are that are employed for that period of time.”

Sole traders can fill out their monthly declarations via the ATO’s online services, while businesses are encouraged to use the ATO’s business portal or their registered tax or BAS agent.

“That needs to happen. But I can’t say often enough, we do need information for the current and projected turnover, but that is not to retest their eligibility,” she said.

“It is statistical information; we need to understand how this JobKeeper scheme is playing out and whether it is meeting what it was set out to do.”

She reminded businesses that they have until 31 May to enrol for April and May payments and encouraged them to do so as soon as possible in order to receive their payments on time.

“The sooner they check out their eligibility, make sure they are enrolled and make sure they have paid their employees before 8 May, if they want to apply for the April payments, the sooner they get on to step two, the sooner we’ll be able to get those payments out the door,” Ms Jenkins concluded.

For more insights into all things JobKeeper, tune in to the webcast with Ms Jenkins; Kate Carnell, the Australian Small Business and Family Enterprise Ombudsman; and Sam Allert, CEO of Reckon.

Details of JobKeeper confirmed
mortgagebusiness

Reporter

If you have any news, ideas or enquiries for Mortgage Business - please contact This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Latest News

With Anthony Albanese and several cabinet ministers sworn in following Labor’s election win, members of the mortgage and property industry...

The bank’s chief economist has responded to the RBA’s latest board meeting, maintaining that rates will lift by 40 bps next month. ...

The combined capitals recorded their lowest preliminary clearance rate for the year to date, with the CoreLogic analysts pointing the federa...

VIEW ALL

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

What is the maximum proportion of income borrowers should use to service a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.