Salisbury Accountants JobKeeper support
JobKeeper enrolments started last Monday 20 April with the registration deadline extended to 31 May 2020.
There has been a hive of activity around the JobKeeper payment and, with a week under our belts, we are able to debunk the myths and misconceptions of how the scheme works.
The subsidy will be paid for a maximum period of six months, from 30 March 2020 up until 27 September 2020 and may be worth up to $19,500 per eligible employee. It will be paid to eligible businesses monthly in arrears, with the first payment commencing to employers from the first week of May 2020.
Under the scheme, eligible businesses will receive a payment of $1,500 per fortnight per eligible employee and/or for one eligible business participant.
The questions that need to be answered for your business include your eligibility in respect of the reduction in turnover test and knowing which employees are actually entitled to receive payments.
- You have correctly reviewed the turnover test to confirm your eligibility. With several ways to do this, be clear that you have confirmed and ensure that the record-keeping requirements are satisfied.
- You have properly registered your business to receive JobKeeper payments
- You have paid your employees at least $1,500 per fortnight (NB You have until 8 May to backdate those payments)
- You note the deadline extension to 31 May 2020.
- The JobKeeper payment scheme is reimbursement for you paying employees, not a handout
- There are separate considerations to be made around the eligibility of any casual employees in your employ
- There are alternative tests for new businesses or those businesses that don’t have the ability to have a prior comparison period for the reduction in turnover test
- JobKeeper payments do not automatically happen.
As an employer, you must tick ALL the boxes to be eligible for this scheme which is complicated, however the Salisbury Team can assist with the process so you can continue to focus on other aspects of sustaining your business through COVID-19.
We are looking forward to assisting any business owners who haven’t yet enrolled for JobKeeper or for any who are stuck and want to expedite this task.