JobKeeper Registration Deadline - Joe Smith
Right now there is a surplus of information about JobKeeper available to businesses. However, many business owners believe that only employees are eligible to receive JobKeeper and are reluctant to seek professional advice. In this video, Joe talks about why you should be speaking with your accountant and helps to clarify the misconceptions surrounding JobKeeper.
JobKeeper Registration Deadline
By Joe Smith
With everything going on at the moment, there is a mass of information coming at individuals, employees and business owners – particularly in regard to the JobKeeper package. Due to this, I will keep this simple and to the point. If you are a business owner and your sales have decreased recently, you should speak to an accountant urgently
We are receiving a large number of enquiries regarding JobKeeper and eligibility and there is a lot of confusion as to who is eligible and what needs to be done. One of the main issues concerning us is that some business owners do not realise that they may be eligible for JobKeeper and think that it is only for employees. This is simply not the case. If employees are eligible to receive JobKeeper due to a 30% decrease in sales, then at least one business owner will be eligible to receive JobKeeper as well.
There are different tests and periods for which turnover decreases can make a business eligible for JobKeeper and almost every business has a query on this specific to their circumstances. Businesses who have not been operating for 12 months can also be eligible so again I would urge you to contact an accountant ASAP.
One thing that we often hear is that business owners are sometimes reluctant to seek advice as they will receive an invoice for the work carried out. We like to think of contacting us as an investment as, for example, in the JobKeeper situation it could be an investment of a few hundred dollars that could result in a business owner receiving $19,500 in JobKeeper funds over the next six months! This is in addition to the JobKeeper assistance that could be received to cover wages paid to employees.
One other issue that we are concerned about is that some business owners believe that they can pick and choose which employees they can pay JobKeeper to and claim reimbursement for. This is not the case. If you are an eligible business for JobKeeper, then you must pay all active and eligible employees. And finally, to receive reimbursement you must have paid ALL eligible employees $1,500 per fortnight before tax during April as a minimum to ensure you will be eligible.
If you would like to discuss how we can help your business apply for JobKeeper, please call the professional team at UHY Haines Norton on 4972 1300 or email us at firstname.lastname@example.org.