With a week since our last publication of JobKeeper Guide, we now have much more clarity on how ATO is going to administer JobKeeper Payments. It's critical to be conservative and participate in the scheme only if you are certain. Otherwise payments made to employees might not be reimbursed by ATO later on!
Let's jump to the 5 steps process! (For further confirmation of rules, refer to ATO website);
Step 1. Assess your turnover test. It's quite simple. You need to pass a minimum 30% reduction in your business turnover in any one of the following three periods (to start Jobkeeper from 30th March 2020).
Step 2. Identify all eligible employees and get them to complete the Employee Election form. Eligible employees have to meet ALL of the following criteria;
Step 3. Pay each eligible employee a minimum of $1,500 (gross) per JobKeeper fortnight.
Step 4. Make a claim, but be patient!
Step 5. Wait for the payments. ATO has said first payments will flow around 14th of May and then monthly from there on.
Click here for your copy of MGAA JobKeeper Guidance Sheet updated 22 April 2020
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