Finance News
Jobkeeper deadlines fast approaching
29 Oct 2020

We are fast approaching the end of October, which is the first month for the extended JobKeeper scheme. The ATO estimates that 60% of those businesses who will utilise this scheme will be Victorian businesses who have been impacted by the strict lockdowns applied by the State Government which are only now starting to be eased.

There are a few important deadlines which must be met by these businesses to ensure they will be eligible to receive the much needed JobKeeper payments.

For businesses who are seeking to claim JobKeeper payments for October, they must ensure they have met the minimum wage requirement for their eligible employees by 31 October. This is a little trickier under the new scheme as businesses must work out whether their employees are eligible for the higher or lower fortnightly payments.

For those businesses who have entered the scheme for the first time, they must also enrol and submit their “Check decline in turnover” online form to the ATO by 31 October. This form does not need to be completed until 14 November for businesses who have received JobKeeper payments previously.

Finally, the ATO has made clear it will be more vigilant and stricter on businesses who do not meet the 30% reduction in turnover test. Given this test refers to a comparison of actual turnover rather than using any projections, businesses will have to make sure they can clearly prove they meet the required reduction.

If you need assistance with your JobKeeper application or have any questions, please do not hesitate to contact us.

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