Is your business eligible for the JobKeeper Payment?

Are you eligible for the JobKeeper Payment? - Australian bank notesTime is running out to claim the full JobKeeper Payment. Have you determined whether or not your business is eligible for the JobKeeper Payment?

The JobKeeper Payment is a federal government employment subsidy to support businesses and their employees through this very difficult time. It applies to most businesses that have suffered a reduction in turnover of more than 30% compared to the same period last year. To these businesses, it provides a subsidy of $1500 per fortnight per eligible employee.

A business owner who is not an employee can also receive the JobKeeper payment. This includes sole traders, partners, and working company shareholders and trustees. However only one eligible business participant per business can claim this.

In order to claim from 30 March, you need to enrol with the ATO and pay eligible employees a minimum gross wage of $1500 per fortnight by 30 April. If you enrol after 30 April you can only claim from the fortnight in which you enrol.

The first period for which you can check your decline in turnover is the month of March. If your turnover has not declined by more than 30% compared to March 2019, consider April. Although the month is not over yet, you can enrol based on your expected turnover.

For more instructions on how to enrol, see the ATO website. The process is much easier if you use STP-enabled payroll software that has been updated for the JobKeeper Payment.

We can help you through this process, including enrolling for you through Online Services for Agents. However, you need to contact us quickly. If you do not enrol by 30 April you will lose the JobKeeper payments for April.