Now that you have successfully enrolled in JobKeeper you should have received your first payment. (Unless your enrolment is for June).
In order to receive the June payment you must report your June turnover and anticipated July turnover within 14 days of Month End (No later than 14 July for June). This reporting can be done on the business portal (bp.ato.gov.au) using your MYGOV-ID to log in. It is important to remember that once you have qualified for the JobKeeper payment due to a decline in your turnover you stay qualified. If your turnover goes up it has no impact on your qualification.
If you have changes to your eligible employees this should be reported at the same time. Employees must continue to be paid a minimum of $1500.00 before tax each fortnight to be eligible. If you are not using Single Touch Payroll you may be requested to reconfirm your employees.
The ATO is aiming to have all Jobkeeper payments for a month paid within 14 days of the end of that month. Remember they cannot pay you until you have done the monthly declaration so aim to do this early.
A few things to remember going forward:
- Super is payable on the amount your employee would have normally earnt. If it is less than $1500.00 you do not have to pay super on the top-up amount.
- PAYG Withholding should be deducted from the gross of $1500.00 per fortnight before paying employees.
- JobKeeper is taxable in the employers income tax return but of course they also get a tax deduction for the amount paid to employees.
- If you claim in error all overpayments must be repaid to the ATO and will be subject to interest charges.
If you have any difficulties making your monthly declarations or you wish for us to complete these on your behalf please contact our office to make arrangements for assistance.