The JobKeeper subsidy has progressed beyond the rush for eligibility and entered its second phase: compliance. Late last month, the Australian Taxation Office (ATO) released guidance highlighting where the regulator will focus its compliance resources.
This article is a quick summary of what will be changing on 1 July 2020, beginning of the 2021 financial year, regarding the ATO’s JobKeeper audit targets.
The JobKeeper payment is a subsidy of $1,500 per fortnight per eligible employee paid in arrears to the employer by the ATO. It’s for businesses that have suffered a detrimental decline in business because of
COVID 19 to help keep their staff employed.
To receive the JobKeeper payment, there are a series of eligibility criteria and reporting and notification obligations that need to be met. It’s important to talk to your accountant and adviser to make sure you get it right.
Here’s a summary of what you need to do to claim JobKeeper payments for April. If these conditions are not met, you might still qualify for JobKeeper payments later in the year.
Most investors and business owners are aware that the interest paid on an investment loan is generally tax deductible. These deductions can be maximised by prepaying the interest on the loan.
The Government has announced a $17.6 billion stimulus package to support the economy as we brace for the impact of the Coronavirus.
If you are impacted by bushfires, we can help. Many will need to lodge economic loss claims to ensure that the true value of what they have lost is recognised. We will help with these claims pro-bono. And, of course, to work with the Australian Tax Office (ATO) on disaster relief requirements.