The Joy of Super
If you've made it this far, hang in there. Let's talk super for a minute. No froth and bubble though, we're crunching numbers. At the end of this you might even understand the joy of super for yourself...
Read MoreMonthly Reporting for JobKeeper
We have been assisting many of our clients with the JobKeeper payment. Here are a few things to note going forward, that may assist you,
your employees and your business:
How long does the program last?
Once you qualify for the payments you are in the JobKeeper program until September. You don't need to be 30% down for the next 6 months -
only at the beginning, at the point of testing. Everyone that RWK has enrolled, we are confident with our assessment and decision at the
time of enrolment.
Reporting
You still need to report monthly using the same method as the assessment (cash vs accrual). JobKeeper and Boost payments are NOT included.
Our amazing bookkeeping staff will be taking care of this for most of you in the coming months and will call if they need information.
Reporting is not a reassessment, it is necessary to submit this information to the ATO. Failure to do so by the 14th will
stop the payments from being released and you will miss out.
Paying your employees
You still need to make sure your eligible employed staff are paid the $750 per week and you will be reimbursed monthly.
You can read more information on this here.
Remember ALL eligible employees must be included.
Show me the money!
The payments are made monthly and are the full amount for the prior month. They are not fortnightly. The payments have been sporadic but you
should be paid by the 10th of the following month. Your payment for employees and you as an eligible business participant will be
paid together.
Coding
When you are doing your coding if you do your own you will need to set up a new code and separate the payments. If you are using Zero, the
screenshots below demonstrates this.
To record JobKeeper Payments:
To record Cashflow Boost payments:
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Finally, the JobKeeper payments are taxable and this, combined with reducing PAYG instalments for some and deferring tax, means it is
important we look at upcoming tax for everyone so no-one is caught out later.
If you have any questions about the JobKeeper payment and your current circumstances, please do not hesitate to contact us on 9721 8218.
For more information on when businesses will have to ‘pay back’ the JobKeeper, take a look at a recent blog article on our Blog 'When will businesses have to pay back the JobKeeper?'
Author: Gemma Denton CPA, Director.
