CHANGES & REMINDERS & DATES

I hope this finds you well, here are some reminders on what to do to ensure you have claimed everything under the Government Stimulus Packages.

1. Job Keeper $1,500 paid fortnightly – please enrol & pay Jobseeker

Enrolment has been extended to 31 May.
Payment dates now extended to 8 May to pay the first 2 fortnights pay cycles of April (referred to as FN01 & FN 02). You must pay fortnight 3 (FN03) by 8 May. Ensure you understand the payperiods – download the payrun dates here (courtesy of Xero).
Full time students aged 16 and 17 years old who are not financially independent, are no longer eligible for the JobKeeper Payment.
Jobkeeper has been extended to those who aren’t employees but are working in their business eg a Partner, Beneficiary or Director not receiving a salary or wage is an Eligible Business Participant.
Alternative tests released to extend the eligibility of Jobkeeper under 7 circumstances including new business, acquiring or disposing of business, irregular income. The alternative tests will only kick in if an entity cannot satisfy the basic decline in turnover test.
One in, all in’ principle – an eligible employer must include all eligible employees – not “cherrypick” who is covered for JobKeeper.

2. Payroll Software

JobKeeper relies on detailed understanding and reporting of the payroll process, for those of you on Single Touch Payroll (STP) Reporting this is done through your software. Both Xero & MYOB have JobKeeper functionality please ensure you are processing your payroll correctly.

Links for Xero & MYOB:

Xero https://central.xero.com/s/article/Account-for-COVID-19-government-support-in-Xero-AU#JobKeeperpayment

MYOB https://help.myob.com/wiki/display/ea/COVID-19+wage+subsidy+%28JobKeeper%29+payments#expand-3DoyourfirstpayunderJobKeeper

Facebook groups for both Xero & MYOB are very good too.

** please be aware you may have to go back and resubmit your payruns if you enrol your employees after posting April payruns **

For those of you on manual systems, you will need to enter it on the portal – a spreadsheet can be uploaded or you can talk to us about implementing some software (which we actively encourage although the ATO has given an extension of time for STP compliance).

3. Cashflow Boost – if you pay employees on your BAS

Lodge your quarterly or monthly BAS for March to claim between $20,000 to $100,000 in cash flow boost amounts if your turnover has reduced more than 30%.

4. Super – Early Access if you’re affected

Possible early access to your super up to $10,000 in 2020 and another $10,000 in 2021 for those affected.

5. Rent – have you requested a reduction?

Residential – negotiate with your landlord or tenant where a household has lost at least 25 percent of its income because of the coronavirus.
Commercial – there is a mandatory code of conduct where tenants will be entitled to receive rent reductions in the form of waivers or deferrals if affected. Reductions received by the landlord of land tax, council & water rates need to be passed on to the tenant. Proof of reduction in turnover should be given to landlords to receive these waivers & deferrals in rent.

6. Landtax – reduction

A 25% land tax rebate or waiver is available for landlords who pass on an equivalent amount of rental relief for their tenants, as well as deferring land tax for the next three months for landlords who are yet to pay their land tax bill this year.

7. Payroll tax – reduction

Receive a reduction of 25% and no payment required for the months of March, April and May 2020.

8. Tax payment deferrals

Don’t forget the ATO will defer tax payments for up to 6 months as well.

9. LASTLY

Meanwhile please send us your information for 2019 (if you haven’t) so we can start year end tax planning for the 2020 year.

As always we are here to help we do not charge for telephone advice but should you wish us to undertake any detailed work with the above we would be happy to provide an estimate to you and as promised we are applying a 20% discount to COVID-19 issues.

IMPORTANT DATES
1 March 2020	Eligible employees had to be employed by the employer on this date (employees can be rehired if their employment ceased after this date)
12 March 2020	Employers must have carried on a business in Australia to be eligible
	A business must have a current ABN to be considered eligible (unless a later time is allowed by the Commissioner)
30 March 2020	The first JobKeeper payment fortnight commences
30 April 2020	The JobKeeper Employee Nomination Notice should be completed by the employer and employee
4 May 2020	Nominate eligible employees on your software or with ATO
8 May 2020	Extension to pay jobkeeper for first 2 fortnights. Fortnight 3 must be paid
14 May 2020	JobKeeper payment will be made to employers
31 May 2020	Extension of time to enrol in JobKeeper for payments for the first and second fortnights (we note that the Commission only recently extended the time to enrol – it was initially 30 April 2020)
1 July 2020	Apply for early release of super
27 September 2020	The JobKeeper payments end

Wunsch & Co
02 9816 3111

Our mailing address is:
Wunsch & Co
PO Box 1037
Hunters Hill, NSW 2110
Australia