Enrolment Extension
The ATO has just announced an extension for enrolments into the JobKeeper scheme from 30 April to 31 May 2020. Providing enrolments are done prior to 31 May, you will be eligible to claim payments for the fortnights in April and May, assuming all other eligibility criteria is met.
In addition to this, the ATO will still be accepting claims where payments for the first two fortnights (30 March to 12 April and 13 April to 26 April) are paid late. The requirement now is that payments are received by the employee by 8 May 2020 at the latest.
Turnover Test
Treasury has also released new information on alternative tests that can be used to enrol for the JobKeeper Scheme where the basic test of having a 30% decline in turnover cannot be shown to be met. The alternative tests are limited to specific scenarios so these should be reviewed in detail. We can help.
Audit Insurance
As a reminder, we’ve partnered with Accountancy Insurance to offer Audit Shield to our individual and business clients. The Audit Shield service provides for the payment of professional fees incurred in the event that you are selected for an audit, enquiry, investigation or review instigated by the Australian Taxation Office (ATO) or other relevant government revenue agency. Audit Shield covers items such as Income Tax, GST and BAS, Superannuation Guarantee, PAYG Withholding, Self Managed Superannuation Funds (SMSFs) and now, JobKeeper scheme payments too.
Typically, audits relating to government benefits or entitlements are excluded from being covered. As such, many of the unprecedented support packages being offered by the government in light of COVID-19 would generally be excluded. Our Audit Shield service, however, will be covering the JobKeeper scheme so you can rest assured you’re covered in the event the ATO makes an enquiry.
No one wants to be audited and while we have no reason to suspect you will be, with the prevalent focus on audit activity, it is possible that you could be audited.
Find more information on our Audit Shield service, please click here.
Still have questions? We are here to help.
For assistance with determining your eligibility for JobKeeper payments, registering for JobKeeper payments, our Audit Shield service, or if you would just like to know more, please contact us at consulting@austasiagroup.com.
