Money

Jobkeeper (Corona Virus 2020 – COVID-19)

Posted on by Ocean

The Australia Government has introduced a number of support for business that is greatly affected by the coronavirus. The best place for more information is at Business.gov.au (click me).

Oceantralian Summary

This article is relevant to Business Owners (Employers) and Sole Trader. Employee may also be interested in this article to assists your Employers in applying for this scheme. Please note that Not-for-profit organization and high threshold business will not be summarize in this article.

This article will be relevant only to the JobKeeper Scheme, please read the full page here.

The Jobkkeeper Payment or Scheme is as follow:

“Under the JobKeeper Payment, businesses impacted by the coronavirus will be able to access a subsidy to continue paying their employees. The Government will provide a fortnightly payment of $1,500 per eligible employee until 27 September 2020.”

Which is approximately maximum 6 months time, this may be changes in the future. Please see example here on how it can help your business. Click me.

JobKeeper Eligibility

  1. On 1st of March 2020, you carried business in Australia.
  2. Employed at least 1 eligible employee on 1st of March 2020.
  3. This employee is currently employed by your business that you will be claiming for.
  4. Your business has 30% fall in turnover (aggregated $1 billion or less)
  5. Not an ineligible business categories.

For Sole Trader the criteria is in most part the same, except you nominated yourself instead of your employee.

Calculating turnover

Please see your Accounting if you need help with calculation.

The turnover calculation is based on GST turnover (even if you are not registered for GST). For businesses with multiple entities, GST is aggregated.

Eligible employees

  1. Employed by your on the 1st of March 2020.
  2. Permanent full-time or part-time. If casual please see guide:
  3. At least 16 years old and is an Australian residents on/at 1st of March 2020.
  4. Employee nominate the employer for Jobkeeper (only 1 employer can be nominated)
  5. Not an recipient of conflicting payment.
  6. Were not employed after the 1st of March 2020 or left Employment before 1st of March 2020.

Timing

Starting from 20th of April you may Apply for Jobkeeper scheme. Previously Jobkeeper enrollment date is by 30th April 2020, however it has been extended to the 31st May 2020.

How to Apply?

You will need to apply with Australian Taxation Office (ATO), a comprehensive guide is found here.

For some business you may have to:

  1. Registered for myGOVID (require a Smartphone: Android or Apple)
  2. Linked myGOVID with your Business (RAM)
  3. Access your Business Portal (update your business detail if applicable).
  4. Signed up Nomination Notice form for each individual employee you are claiming for. Check your eligibility.
  5. Enroll for the Jobkeeper Scheme.
  6. Before submitting, ensure you are eligible for the Jobkeeper Payment. Submit your Application. Be sure to keep a receipt of your application (print or save). You may required this documents to provide to your Lessor for business rent relief.
  7. Make monthly Business declaration.

Contact your Accountant if you require helps.

Need help? We can help you:

  • Create myGOVID and registration for your Business Portal.
  • Administration including Application and Form.
  • Refer you to an Accountant or BAS Agent.
  • Further inquiry or question?

Contact us

Alternatively, book in for an appointment to see us: Contact us: https://oceantralian.com/contact/

Import our Contact to your phone, outlook or contact sheet.

Ocean 10A Conveyancing – Oceantralian (admin@oceantralian.com)Download