Important Information Today

Please note that this email contains three Job Keeper Updates:

  1.  Exclusive Employsure Webinar on JobKeeper
  2.  Update to the JobKeeper Testing and Enrolment Process
  3.  March 2020 BAS and 2019 Income Tax Return Deadlines


Employsure - Exclusive Webinar 

Our long standing advisors in Employment Relations has offered a free webinar for clients of Mark Trovato Chartered Accountants to explain all aspects of the Job Keeper program.  

The webinar is scheduled for Tuesday, 28 April 2020 at 11am.

We strongly encourage you all to participate in this opportunity.

Please click here to REGISTER

 

JobKeeper - Important Enrolment Update

As the JobKeeper Enrolment deadline approaches, we are receiving new information on how businesses can test their eligibility for the scheme.  

Please see below for an outline of these changes to the Turnover Test.

The Turnover Test can now be calculated as follow:

By analysing % drop Turnover in the following periods:

  1. By Month - March 2020 vs March 2019
  2. By Month - April 2020** vs April 2019
  3. By Quarter - April to June 2020 ** vs April to June 2019

**  You will need to forecast your turnover with your best endeavours as of today for these periods based on Actual and known items.

Important Turnover Test Factors:

If your business is on an ACCRUALS basis for its GST accounting method when you lodge your BAS then the TURNOVER test may only be performed using the ACCRUALS method.

OR

If your business is on a CASH basis for its GST accounting method when you lodge your BAS then the TURNOVER test may be performed using a CHOICE of these methods:

    1. Cash OR
    2. Accruals

    Please ensure you do the calculations of Turnover under all options available to your business.

    It is critical that this work is Date Stamped, to prove the date your Forecasting was done.

    Turnover Test Outcome

    If it is proven that your Turnover will drop by 30% or more in EITHER of the 3 test periods, then you are eligible to start in the Scheme as at 30/03/2020.

    If not, then you can test next month and enter the Scheme later.

    Next Step

    Once you have tested your eligibility, then you must then:

    1. Identify your Eligible Employees
    2. Collect their Nomination Notice stating their authorisation to take part in the JobKeeper scheme 
      • Note - an individual may only claim the JobKeeper from ONE employer at a time.
    3. Ensure you have paid ALL eligible employees who have agreed to take part, the minimum of $3,000 gross wages between the dates 30/3/2020 and 26/4/2020**.
      • If you are on Xero, click here for Instructions on processing the Job Keeper Top Up payments
      • If you are on another payroll software, the concept is the same
    4. Enrol for the JobKeeper scheme with the Australian Taxation Office
      • If you have a Business Portal with the ATO, then it is possible to do this step yourself
      • Please be VERY CAREFUL not to select the wrong month in your enrolment process - this will affect your reimbursement start date,
      •   please click here for instructions
    5. Should you wish us to enrol on your behalf through our Tax Agent Portal, please contact us via the method below as soon as possible before 29 April 2020.

    ** The ATO have granted an extension to the payments for the first two fortnight periods until 30 April 2020


    March 2020 BAS / 2019 Income Tax Lodgement Extension

    We wish to advise all who are concerned about the lodgement of their March 2020 BAS and/ or 2019 Income Tax Return, that the ATO has granted an extension to all existing lodgement dates.  

    • March 2020 BAS due 25 May 2020
    • 2019 Income Tax Returns due 30 June 2020

     

    Should you need assistance with the Job Keeper eligibility testing and enrolment, please call Jess on 97 544 4999 to schedule a meeting with Mark or one of our team before 29 April 2020.

     

    For all meetings

    As previously advised, all meetings will now be via the following channels:

    • Zoom meeting
    • Phone call
    • Facetime meeting
    • Open air appointments at an agreed location

    Meeting arrangements will be conducted by Jess as per our usual practice.