Author Archives: experttaxadmin

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JobKeeper – Business monthly declaration

 

If you have enrolled for the JobKeeper Payment and identified your eligible employees, you need to make a business monthly declaration to the ATO. You will be able to do this from the 1st to the 14th day of each month, to receive reimbursements for the payments you have made to your employees in the previous month.

 

For example, the business monthly declaration for reimbursement of JobKeeper payments for the month of May needs to be completed by 14 June.

 

Each month every business enrolled for Job Keeper payment must reconfirm their reported eligible employees.

 

Every business must also provide information regarding their current and projected turnover. This is not a re-test of your eligibility, but rather an indication of how your business is progressing under the JobKeeper Payment scheme.

 

If your eligible employees change or leave their employment, you will need to notify ATO through your monthly declaration.

 

Contact Expert Tax on 0449 952 855 or 1300 869 829 for further assistance.

 

 

 

What is a PAYG Instalment?

 

A PAYG instalment is an estimate only made by the Australian Taxation Office based on your previous years’ assessment and is essentially a prepayment of the tax liability.

 

The ATO will also determine how frequently you are required to pay these instalment amounts.

 

How do PAYG instalments affect my Annual Tax Return?

 

Upon lodgement of your Tax Return, the instalment paid will be credited against your actual tax liability to determine if additional tax is payable or a refund due.

 

  1. Your PAYG instalment is greater than the actual tax liability

After finalising the Annual Tax Return, if it is noted that the actual tax liability is less than the PAYG instalment amount already paid to the ATO for the Financial Year then upon lodgement of the Tax Return, you will be entitled to a refund from the ATO.

 

  1. PAYG instalment is less than the actual tax liability

If the actual tax liability is greater than the PAYG instalment amounts paid to the ATO, you will have a net liability which is payable to the ATO upon lodgement of the Tax Return.

 

  1. Varying PAYG instalment amount

As the PAYG instalment amount is calculated based on your most recently lodged tax return, this amount may not best reflect your current circumstances. Accordingly, you may choose to vary the PAYG instalment amount down if you believe that the amount provided by the ATO overestimated your actual income tax liability.

 

Contact Expert Tax on 0449 952 855 or 1300 869 829 for further assistance.

 

 

JobKeeper payment – How to Enroll? (from 20 April 2020 onward)

 

You or a registered tax professional can enrol for the JobKeeper payment:

 

  • Step 1 – Register your interest and subscribe for JobKeeper payment updates.
  • Step 2 – Check you and your employees meet the eligibility requirements.
  • Step 3 – Continue to pay at least $1,500 to each eligible employee per JobKeeper fortnight (the first JobKeeper fortnight is the period from 30 March to 12 April).
  • Step 4 – Notify your eligible employees that you are intending to claim the JobKeeper payment on their behalf and check they aren’t claiming JobKeeper payment through another employer or have nominated through another business.
  • Step 5 – Send the JobKeeper employee nomination notice to your nominated employees to complete and return to you by the end of April if you plan to claim JobKeeper payment for April. Keep it on file and provide a copy to your registered tax agent if you are using one.
  • Step 6 – From 20 April 2020, you can enroll with us for the JobKeeper payment using the Business Portal and authenticate with myGovID. You must do this by the end of April 2020 to claim JobKeeper payments for April.
  • Step 7 – In the online form, provide your bank details and indicate if you are claiming an entitlement based on business participation, for example if you are a sole trader.
  • Step 8 – Specify the estimated number of employees who will be eligible for the first JobKeeper fortnight (30 March – 12 April) and the second JobKeeper fortnight (13 April – 26 April).

 

CLICK HERE to register your interest for JobKeeper Payment.

 

CLICK HERE to access JobKeeper employee nomination notice.

 

 

What do you need to do for your employees?

 

You need to identify which employees you intend to claim the JobKeeper payment for and tell them you intend to claim the JobKeeper payment for them.

 

You need to provide these employees with the JobKeeper employee nomination notice and ask them to return it to you by the end of April if you want to claim JobKeeper payment for April.

 

If your employees have multiple employers, they can usually choose which employer they want to nominate through. However, if your employees are long-term casuals and have other permanent employment, they cannot nominate you. They cannot receive the JobKeeper payment from more than one employer.

 

 

Contact Expert Tax on 0449 952 855 or 1300 869 829 for further assistance.

 

 

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