ATO extends JobKeeper deadlines ahead of Christmas, New Year
December 7, 2020
Employers given longer to enrol, pay and report over holidays
JobKeeper deadlines for the second extension period have now been extended by the ATO ahead of the festive season.
Completion of the December business monthly declaration, for employers to be reimbursed for payments between 23 November 2020 to 3 January 2021, has also been extended from the usual 14th of each month to 28 January 2021.
To account for the New Year weekend, the Tax Office will also allow employers to meet the wage condition for payments between 21 December and 3 January 2021 by 4 January 2021.
From 4 January, the second extension period for JobKeeper will kick in, reducing payment rates to $1,000 per fortnight for those on the Tier 1 rate, and $650 per fortnight for those on Tier 2.
Entities will be required to demonstrate that their actual GST turnover has declined by the requisite shortfall for the December 2020 quarter, with the ATO to make the new decline in turnover form available on its systems from 4 January.
New employers enrolling for the first time, and existing employers, will be required to submit the decline in turnover form by 31 January.
Employers will also be given until 31 January 2021 to meet the wage condition for fortnights starting on 4 January and 18 January 2021.
JobKeeper figures
The new dates come as statistics released by the government show that 450,000 businesses stopped accessing JobKeeper after eligibility was tightened at the end of September.
The number of Australian workers on JobKeeper also fell from 3.6 million recipients at the height of the program to 1.5 million by the end of November.
Around 86 per cent of workers are now on the Tier 1 payment of $1,200 per fortnight, with around 14 per cent on the Tier 2 payment of $750 per fortnight.
Treasurer Josh Frydenberg said the lower-than-forecast take-up of JobKeeper was evidence that economic recovery was well underway in Australia.
You’ve sold your business! But what happens now!? We’ve outlined five potential pathways your post-sale life could take, and how they help you find new goals and lifestyles.
Are you ready to sell your business? Here are six important ways to secure the best deal, through solid negotiation and a deep understanding of your core strengths as a company.
Is your business debt getting out of control? Come and talk to us about strategies for reducing debt and getting cashflow under control.
What will you do differently this year to enable your business to thrive? Conducting a past-year review with our experienced advisors will provide valuable insights for this year's goal-setting.
The Australian Taxation Office (ATO) has unveiled its compliance focus areas for the 2025 tax year, highlighting the importance of accurate claims and thorough record-keeping, particularly for small businesses and individuals.
The ATO recently published some ‘wild claims’ that business owners had tried to make for business expenses. But what CAN you claim and what CAN’T you claim? We have the answers.
Many business owners are reviewing their priorities and their work-life balance. Gallup reported that 39% of the owners they surveyed worked over 60 hours a week. How can you reclaim time and balance in your business?
Accountants don't just look after the financial side of your business. With our expertise behind your business development, we can help you turn your strategic ideas into real success stories.
We’re trading in uncertain times. But now’s the perfect moment to look at optimising your business. We’ve highlighted six key areas where you can improve your business efficiency.
#optimisation #strategy #businesstips
Are you using data insights to drive your operational efficiency? We’ve got the lowdown on five ways that data-based decision-making takes your business to new levels of productivity.
