Buildxact partnered with Xact Accounting to deliver a very informative webinar centred around Expert Financial Tips to Protect your Business.
This webinar deep dived into the $130 billion JobKeeper Scheme recently kicked off by the Australian Federal Government, and how it can support the construction industry during the uncertain times of COVID-19 and beyond.
These are the top 9 key takeaways from the webinar:
- Overview of the JobKeeper scheme
- $1500 per eligible employee per fortnight before tax
- Paid to eligible businesses
- If turnover decrease by 30%
- Wage condition must be met; and
- Elected to be part of scheme and provided information to ATO
- Between now and the end of April
- Check the business and your employees meet the eligibility requirements
- Continue to pay at least $1,500 per fortnight before tax for each eligible employee
- Notify eligible employees that you intend to claim and send the ‘JobKeeper employee nomination notice’ to your nominated employees to complete and return to you by the end of April. https://www.ato.gov.au/Forms/JobKeeper-payment—employee-nomination-notice/
- Enrol with ATO before the end of April (if intending to claim for April). Includes confirming bank details for payment and estimated number of employees
- Ensure all eligible employees are paid at least $3,000 (gross) before the end of April 2020
- Enrol with ATO before the end of April (if intending to claim for April)
- From 4 May 2020 onwards
- Apply to claim JobKeeper Payment (lodge via interactive ATO form)
- Ensure each eligible employee paid minimum $1,500 per fortnight before tax
- Identify the eligible employees for the relevant period. Either prefill form STP, manual enter or tax agent can assist with lodging.
- Notify eligible employees within 7 days that you have nominated them
- ATO will pay the JobKeeper payment after accepting application to nominated bank account
- Each month, you will need to reconfirim that your reported eligible employees have not changed through ATO online services, the Business Portal or via your registered tax agent.
- Document your Turnover Assessment (monthly, quarterly, cash basis or invoice basis). Alternate tests are now available including for new businesses and scale up businesses.
- Non-Employee business participants may also access JobKeeper (Sole trader, director, adult beneficiary)
- Know your numbers for the business overall and job by job, and make sure you have real-time information so that you can manage your profit and cashflow effectively.
- If you haven’t done so already, make the move to using software to manage your estimating, quoting and jobs.
Want more information?
For more information on the JobKeeper Scheme, please contact:
Michael Renton from Xact Accounting
1300 233 723
For more information regarding Buildxact and how to make the move to using software to manage your jobs, please contact:
Julian Krishnan Nair from Buildxact
0498 124 613