For all business owners that have experienced a reduction of turnover by 30% or are anticipating one prior to 30 June 2020, if you haven’t lodged an application for JobKeeper payments, or haven’t been in contact with anyone from our office about that application, please contact our office ASAP.
For all businesses claiming the JobKeeper payment, can you please look at having your April monthly turnover figures able to be provided within 7 days of month-end`, as we’ll need to report those to the tax office within 7 days of month-end, as well as an estimate of your May 2020 likely turnover. The reporting of that will be done on the same basis (cash or accrual/invoicing basis) that you used to satisfy the 30% reduction.
Remember that if you did satisfy a reduction of turnover initially, and subsequently your turnover increases, this DOES NOT prevent you from being eligible, provided you did satisfy the 30% test in a prior period.
There are 4 things that must be reported within 7 days of month-end:
•your wage details (for those on single touch payroll this will be automatic)
- the actual turnover for the prior month
- the estimated turnover for the forthcoming month; and
- the details of any eligible business participant
It is estimated that within 14 days of reporting this information that payment will be forthcoming from the ATO.
Of course if we’re assisting you with the application and submissions we’ll work through this for you, but we will need your assistance to provide the anticipated turnover for the month ahead.
Also, if you’re using Xero, MYOB, or Reckon we’ve noted below the links to assist you to ensure you’re software is up to date. Again we’ve taken care of this for anyone that has asked us to prepare the forms on their behalf.
Should you have any questions or concerns, please contact our office.
MYOB AccountRight Instructions
Sincerely,
Hart Accountants
(02) 4940 9400
