COVID19

JobKeeper 2.0 Comments Off on JobKeeper 2.0

JobKeeper 2.0

Last updated 24 September 2020 _ Government fact sheet with example Detailed guide with examples _ The following info-graph has been shared with permission. Please note that some details on the info-graph are out of date. _ Key Changes _ 1. Reduced payments Payments will reduce on 28th September 2020 (phase 1 begins) Higher rate: $1,200 Lower rate: $750 Then reduce again on 04 January 2021 (phase 2 begins) Higher rate: $1,000 Lower rate: $650 Payments finish on 28 March 2021 2. Two tiers of payments Employees who satisfied the 80 hour test during either of the reference periods will receive the higher rate of payment. Employees who did not satisfy the 80 hour test during either of the reference periods will receive the lower rate of payment. Reference periods: the 28 days finishing on the last day of the last pay period that ended before either: 01 March 2020 01 July 2020 3. Eligibility Phase 1 of JobKeeper 2.0 You must show the relevant decline in turnover (usually 30%) for the September 2020 quarter compared to the September 2019 quarter. Phase 2 for JobKeeper 2.0 You must show the relevant decline in turnover (usually 30%) for the December 2020 quarter compared to the December 2019 quarter. Eligibility for phase 2 is not affected...

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COVID19 Home Office Deductions

Due to COVID19 the ATO is temporarily allowing us three options to calculate our home office expenses. _ shortcut method ─ (only available between 01 March 2020 – 30 September 2020) Claim a rate of 80 cents per work hour to cover all additional running expenses. You are not required to have a dedicated work area for this particular method. If you use this method between 01 March – 30 September 2020, you cannot claim other office expenses such as telephone, depreciation, etc. _ fixed rate method ─  you may claim all of these a rate of 52 cents per work hour to cover heating, cooling, lighting, cleaning and the decline in value of office furniture the work-related portion of your actual costs of phone and internet expenses, computer consumables, stationery the work-related portion of the decline in value of a computer, laptop or similar device. actual cost method ─ claim the actual work-related portion of all your running expenses. You need to use a reasonable basis to calculate this. For full details about eligibility, and what you can and cannot claim, please see...

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JobKeeper Payments for Business Owners

If you process your wages through payroll, then you may be eligible for JobKeeper just like any other employee would be. If that is the case, then the following may not interest you. If your business has suffered a 30% decline in turnover, then the following is for you. As an owner of a business (sole trader, partner, director, or beneficiary), who is not also an employee of the business, you may be considered an “Eligible Business Participant” (EBP) for the purpose of claiming JobKeeper. To be an EBP, you must not have other full-time (FT) or part-time (PT) employment at 01 March 2020. FT or PT employment takes precedence to being an EBP, and you will only be able to receive JobKeeper through your FT or PT employment. This is the case even if your FT or PT employment does not participate in the JobKeper program. If you had FT or PT employment at 01 March 2020 then you cannot be an EBP. You may need to apply for JobSeeker through Centrelink if that employment ended after 01 March 2020. If you have casual employment, you may still receive JobKeeper as an EBP, but you must choose which entity you would like to receive JobKeeper from (ie. from...

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How To Access Your ATO Account

You may wish to have access to your ATO account to view and mange the following Apply for JobKeeper View account statements and balances (Cash Flow Boost payments for COVID19 will be seen here if you are eligible for them) Manage payment arrangements Download notice of assessments (for individuals & sole traders) View and lodge BAS/IAS and various other services   Individuals & Sole Traders:  Create a MyGov account (instructions here) Link your MyGov account to the ATO (instructions here)   Sole Traders, Partnerships, Trusts, & Companies: (Please note that the principal of the business should follow these steps. Other authorised persons may follow steps 1 & 4.) 1. Download the MyGovID app to your smartphone (further details here) – Note: MyGovID is a two-step authentication system. It is not the same as a MyGov account. 2. Use your MyGov ID to log into RAM (Relationship Authorisation Manager) 3. Once you have logged into RAM, link your business and then manage authorisations if you would like other people to access your business with their own MyGovID. – Trusts: You may need to call 1300 287 539 and select option 3 if you experience any problems linking your business. 4. Once your business is linked to RAM, you and anyone else that you have authorised can login into...

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COVID19 Comprehensive Guide

COVID19 Comprehensive Guide   This comprehensive guide has been developed by one of our resource providers to assist everyone in accessing the financial support they need during the COVID19 crisis. It outlines all of the financial assistance announced by the Australian Government as at 09 April...

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