Treasury has released some updated information relating to the JobKeeper stimulus package
How is Turnover determined?
Turnover will be determined by what is reported on Business Activity Statements. It includes all taxable and GST free supplies, but does not include Input taxed supplies. Only Australian based sales are included in the turnover calculation.
What happens where I stood down employees?
If you stood down employees after 1 March 2020 and your business and employees are eligible for the JobKeeper payments, then you will be able to receive the fortnightly payments of $1,500 which must be passed onto the employees even if they are not currently working in the business.
The first payment period under the scheme is from 30 March 2020 to 12 April 2020. If your employee agrees to be part of the scheme then you will need to backpay them $1,500 per fortnight back to this date.
What if my business has just started?
The tax commissioner has discretion to ask for additional information or determine alternative tests that would determine eligibility where a business was not in operation last year or last years income is not a true representation of your usual operations.
What if my turnover has not reduced at the start of the scheme?
If your business has not decreased to meet the JobKeeper requirements at the start of the scheme (30 March 2020), then you can apply for the payments at a later date if you meet them. In this case, the jobKeeper payment will not be backdated to the start of the scheme, but you can claim payments until 27 September 2020.
What happens if my employee resigns?
If an employee who is receiving JobKeeper payments resigns, you will need to contact the ATO to cease payments and ensure you do not need to refund any money.
What if I hired an employee after 1 March 2020?
You are unable to claim payments for that employee.
My business is a Partnership, Trust or Company
If your business is a partnership, only one partner can be nominated to receive the JobKeeper payments. Where the business is a trust, one individual beneficiary can be nominated to receive payments. An eligible business can nominate one director to receive the payments.
Can I receive JobKeeper payments from more than one employer?
No. You can only receive JobKeeper payments from one employer. If you have more than one source of income, then you can still continue to work multiple jobs even if you are receiving these payments. The JobKeeper payment is not income tested.
Can I receive the JobKeeper payment whilst on Paid Parental leave?
No. You will not be eligible for the Jobkeeper payment for the period that you are receiving paid parental leave or dad or partner pay.
Can I receive the JobKeeper payments and JobSeeker payments?
The JobKeeper payments are treated as ordinary income for the purposes of social security payments. You must report that you are receiving the JobKeeper payments and this will likely deem you ineligible for other income support.
We will update you with further information as and when it comes out from Treasury.