JOBKEEPER UPDATE!!

As of Monday 20th of April, the Australian Taxation Office online services was open for business owners to complete the Jobkeeper Payment applications. Please make sure you have registered on the correct ATO page as per the links below. If you are registering for the Jobkeeper Payment yourself - Please Click Here Please advise us if you choose to submit this application yourself by emailing admin@growadvisorygroup.com.au If you would like Grow Advisory Group to complete the Jobkeeper Payment Application for you - Please Click Here  For us to complete the application for you, we require the following information by Friday 24th April 2020

  • Business name you will be claiming the Jobkeeper Payment for.

  • What month are you basing the 30% downturn on.

  • Business bank account details.

  • Number of employees your business will be claiming the Jobkeeper Payment for.

  • How many employees will be eligible from 30 March - 12 April (fortnight one). 

  • Financials you are comparing your downturn to (e.g P & L March 2019 and March 2020).

If you would like to talk to one of our team members, please call (07) 5599 5700

Key Points regarding the Jobkeeper Payment 

Employers

  • To be eligible for the first payment from the ATO in May employers have to have paid their employees at least $3000.00 before tax before 26 April 2020. This covers the first payment of $1500 before tax which was for the first fortnight from 30 March 2020 to 12 April 2020 and the second payment of $1500 before tax which was for the fortnight 13 April 2020 to 26 April 2020.

  • Ensure your employees have completed and signed the JobKeeper Payment Employee Nomination Form.

  • After registration, notify your employees in writing that you have registered them for JobKeeper payments.

  • Going forward the employer will have to pay all their employees $1500.00 before tax by the end of the relevant fortnight until 27 September 2020.

  • Each month the employer will have to reconfirm the eligibility of their business and their reported eligible employees. This will include providing information as to their current and projected turnover. This is not a retest of their eligibility but an indication of how their business is progressing under the JobKeeper Payment Scheme.

Other Entities

  • Entities that have registered as eligible business participants please be aware that your business entity has to have carried on a business and the person nominated to receive the payment has to be actively working in the business.

  • Trusts that have only passive income eg rental income or interest are not classified as carrying on a business and therefore do not qualify for the JobKeeper Payment Scheme.

Integrity

  • The JobKeeper Payment contains robust integrity features and draws on the existing regulatory and enforcement infrastructure of the Australian Taxation Office. These integrity features range from the eligibility requirements to specific rules to address contrived schemes and fraud. These requirements are in addition to the existing administrative and civil penalties and criminal offences that apply in the taxation law and general criminal law.

  • These measures will not affect taxpayers that do the right thing, but will allow for swift and effective action to be taken against those that seek to abuse the scheme and obtain more than their entitlements.

Download the the Jobkeeper Snapshot - Please Click Here To make sure you receive full entitlements we are doing everything possible for our clients. If you haven’t already lodged your 2019 tax returns, we recommend you forward your information to us ASAP so you don’t miss out on what you're entitled to. Based on past incentives we would suggest getting your 2019 tax completed ASAP. If you are unable to get your documents to us, please call 07-5599 5700 to arrange one of our staff to pick up your information, or email your tax information to admin@growadvisorygroup.com.au so we can get your tax returns lodged. Please keep contacting us. We are to here to help support our clients through this very trying time.  Keep safe & take care! Grow Advisory Group


Our Mission To help grow great businesses and help our people reach their potential! Our Vision To be the trusted adviser for our clients. Our Values Family Family defines us and is what makes us unique. We are a family business, and we help families achieve their business and financial dreams. Integrity  Trust is our most valued asset. Commitments aren't made lightly - we do what we say we will do. Acting with impeccable integrity is what sets us apart. Our reputation and future success depends on it.  Ambition We see potential everywhere, and we see it in everyone. A restless, persistent curiosity drives our sense of ambition and is the key to our future success. Responsibility  We have a responsibility to ourselves and the people we work with and for everyday. Our personal performance matters. We are owners - not renters - who take Responsibility for improving the outcomes we produce and the environments we operate in.

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