ATO release details of JobKeeper & Cash Flow Boost
The ATO have updated their website to include the rules, regulations and processes for businesses to access the JobKeeper & the Cash Flow Boost stimulus package. Contact Us if you’d like to apply
The government has introduced a $130 billion JobKeeper Payment scheme to support businesses significantly affected by the coronavirus to help keep more Australians in jobs.
The JobKeeper Payment is a subsidy for businesses to pay either:
- sole traders
- 1 associate of closely held entities such as trusts and companies, $1,500 per fortnight, in order to stimulate the economy and keep people employeed.
Although the ATO has outlined what is required, actual enrollment for JobKeeper isn’t available until 20th of April, but getting your ducks in a row before then, will be of obvious benefit so that come 20th April your business is ready.
Cash Flow Boost Payment
The Cash Flow Boost payment (no less than $10,000 and no more that $50,000) is paid around 14 days after the due date of the March Quarterly BAS or March Monthly IAS depending on your reporting period.
Additional Cash Flow Boosts
Additionally eligible entities who received initial cash flow boosts will receive additional cash flow boosts between July to October 2020. These will be delivered in either two or four instalments, depending on your reporting period.
All the ATO information on JobKeeper & Cashflow Boost are available here.
The requirements for JobKeeper are the most complicated and will require proof of a 30% decline in revenue for business with turnover less than 1 Billion. Substantiating this 30% decline and registering eligible employees may seem overwhelming. You need to do your normal job of running a business, so let vTax Australia help you by contacting us today.
We will let you know, via our news link above or via email if you contact us of any more information as it becomes available, including letting you know when you’re able to enroll for JobKeeper payments.