Etairos Accounting and Finance
we guide you to a better future
Etairos Accounting and Finance
Strength in Numbers
Interested to know how an SMSF
can work for your future?
Are you looking for something better from your
Accounting and Finance experience?

JobKeeper Update and Critical Retest

Added on by

 

Doing nothing is not an option

Under the JobKeeper 2.0 changes announced in July by the Federal Government, JobKeeper 1.0 will continue until 27 September 2020.  After then, new qualification rules apply, meaning, that to qualify for JobKeeper 2.0, your business will need to prove the 30% downturn in GST Turnover for the whole quarter of 1 July to 30 September 2020 in comparison to the same period of the prior year.

We will assist with the re-test and confirm if you qualify for JobKeeper 2.0, once the quarter is complete or near complete.

More importantly ...

Full-time employees that have commenced employment with your business since 1 March 2020 or part time workers who did not have 12 months service as at 1 March and would do as at 3 August 2020 (who previously did not qualify under JobKeeper 1.0), will now qualify.

The critical part of JobKeeper is that it has a mandatory "One-In  -  All-In” principle, meaning that if additional employees have qualified, they must be offered JobKeeper. This works in your favour as an employer, as it increases the subsidy that you will receive.
 
The amended JobKeeper rules stipulate that the nomination notice will need to be provided to employees within seven days of the commencement of the legislative instrument, affording employers until 22 August to do so, which given that it falls on the weekend will extend compliance to the next working day – Monday 24 August 2020 - THIS MONDAY !!

In addition ...

Separately, the ATO will provide employers until 31 August to meet the wage condition for all new eligible employees under the 1 July eligibility test – so any "top-up” payment requirements because the employee earns less than the required $1,500 per fortnight minimum, would need to paid by that date.

The new 1 July eligibility test is set to capture a number of new employees, including those hired after 1 March, and those who previously did not meet the definition of a long-term casual employee by 1 March but have since become long-term (12 month service) casual employees by 1 July. It will also cover employees who did not qualify on 1 March due to their age or visa status but have since become 16 to 18 years of age and meet the independence criteria and study or have obtained the necessary residency visa.

In Summary ...

If you have any employees who; have started full time employment since 1 March and before 3 August, have now completed 12 months casual employment prior to 3 August, have turned 18 since 1 March, or have become a resident since 1 March, then please contact Paul Simpson or the office ASAP so we can make the necessary adjustments to future claims, and ensure the required forms are signed by the employee by 24 August 2020 - THIS MONDAY.

 

Download Employee Nomination Form here

Latest from the blog

JobKeeper Update and Critical Retest 23 August 2020

  Doing nothing is not an optionUnder the JobKeeper 2.0 changes announced in July by the Federal Government, JobKeeper 1.0... READ MORE

We're Hiring 07 August 2020

READ MORE

Happy New Financial Year - 2021 24 July 2020

    Happy New Year, and welcome everyone to the start of FY2021 ! Hopefully it will be a better year for everyone compared to the... READ MORE

“These guys have saved my bacon during covid19. Took a lot of the stress out of being self employed and parked up due to lockdown. Not only reduced my annual accounting fees over my previous accountant but also did all the Jobkeeper (and lifesaver) applications and gave advice on my behalf because they know better than me what to do. Previous accountancy was charging hourly rate for the same service but these guys said it is all part of supporting our customers. A+++++++” more testimonials

DAVID, PACIFIC PINES

Call  1300 55 22 30  now