COVID-19 Update #15

 In News

In the past week the ATO has been sending out updates with regards to the latest CO-VID 19 relief packages for individuals and small businesses. The main updates to be aware of are as follows:

ATO Releases JobKeeper Alternative Test

If an entity cannot satisfy the basic decline in turnover test the government has stipulated that there are seven specific circumstances in which a business could still be eligible for the JobKeeper payment scheme.

For more information on these alternative tests, please visit the following legislation.

ATO Confirms ‘one in, all in’ JobKeeper Feature

The ATO has updated it’s guidance on the JobKeeper payment and have released the statement;

“If you decide to participate in the JobKeeper payment shceme, you must nominate all your eligible employees…You cannot choose to nominate only some employees. However, individual eligible employees can choose not to participate.”

The ‘Big 4’ Banks JobKeeper Hotlines

One of the main concerns for businesses regarding the JobKeeper Scheme is that the $1,500 payments will have to be made by the employer until they can get reimbursed. The ‘Big 4’ banks have responded and agreed to set-up dedicated Hotlines for employers too call in relation to accessing bridging finance.

The Hotline numbers are:
Westpac:    1300 731 073
NAB:           1800 562 533
CBA:           13 26 07
ANZ:           1800 571 123

ATO Withdraws cash-flow boost lodgement timing guidance

The ATO has previously advised businesses to lodge their March 2020 activity statement before the 28th April 2020 so that any cash-flow boost would be used to offset tax debt from previous periods.
They have now withdrawn that guidance and are now stating that there will be no discrimination on when the BAS is lodged, any excess credits from the cash-flow boost will not be used to offset previously outstanding liabilities, rather it will be paid as a refund.

$550/fortnight Coronavirus Supplement

Those who are eligible for the Coronavirus Supplement will begin to see their $550 payment per fortnight starting as of today, 27 April 2020.
This payment is being made to individuals who are already receiving an eligible income support payment. If you are not receiving one of those payments, you will need to apply and the Coronavirus Supplement will be automatically applied once approved.

 

Recent Posts