The ATO has released further guidance over the weekend regarding the application process for the JobKeeper payments. These step by step guides show the process involved with applying for the payment and the information required to be provided. There are three guides which cover sole traders, business who report through STP and business who don’t report through STP. The link to these guides is provided below and it is recommended businesses read through these applicable guides so they can make their applications as soon as possible.

https://www.ato.gov.au/General/JobKeeper-Payment/JobKeeper-guides/

There is further guidance still to be released by the ATO, especially on how businesses with less than 12 months data are to assess the reduction in turnover test. However the ATO has confirmed that businesses who usually report the GST data on a cash basis will be able to do their turnover comparisons on a cash basis. The key is that any comparative data must be consistent – i.e. if the sales data for 2020 is on an accruals basis, then the comparative period must also be accruals. 

If you need assistance applying for JobKeeper or have any queries regarding this scheme, please do not hesitate to contact us.