JOBKEEPER PAYMENTS AND ATO DEFERRALS

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JOBKEEPER PAYMENTS AND ATO DEFERRALS

PLEASE READ THE BELOW IMPORTANT UPDATES – NOTE – IT IS CRITICAL TO THE BELOW THAT ALL ATO LODGEMENTS (INCLUDING INCOME TAX AND BAS) ARE KEPT UP TO DATE

JOBKEEPER PAYMENTS

The Prime Minister yesterday announced a $130bn JobKeeper payment to support Australian businesses impacted by COVID-19.

As you would appreciate, we have been inundated with phone calls and emails in relation to this over the last 12 hours.

In summary, the Government will provide employers with $1,500 per fortnight for each employee for up to 6 months.   If your turnover has reduced by more than 30% relative to a comparable period a year ago, or you believe your turnover will reduce by 30% over the coming months, you must register your interest in the program.

STEP 1

By registering your interest, you will be kept up to date with all criteria and information to be provided to the ATO in relation to this incentive – it is essential to do this so you don’t miss out!

Please click the below link to register your details:

https://www.ato.gov.au/general/gen/JobKeeper-payment/

We note the above has not been legislated as yet and are expecting the finer details to be provided over the coming weeks.  As the above becomes legislated, we will be in touch to discuss further.

For further information, please click here

 

TO PAYMENT DEFERRALS

The ATO are offering a range of payment deferrals, as detailed below.  Please note, in order for us to apply for this, all ATO lodgements (including BAS and Income Tax) must be up to date.

  1. Payment deferrals of up to six months available for new debts incurred on or after 23/01/2020 – these debts can be deferred up to 14/09/2020.
  2. Lodgements must be made by the due date.
  3. No interest or penalties applicable to debts incurred on or after 23/01/2020.
  4. Payment deferral applies to BAS (including PAYG instalments), income tax assessments and FBT.
  5. Payment deferral does NOT apply to super guarantee debts – these must still be paid on time .
  6. Future payment deferrals are not available before incurring debt.
  7. This is not a blanket deferral, it is only available for businesses affected by COVID-19 and it must be applied for.