JobKeeper Payment The time to enrol for the initial JobKeeper periods has been extended, from 30 April 2020 until 31 May 2020. If you enrol by 31 May you will still be able to claim for the fortnights in April and May, provided you meet all the eligibility requirements for each of those fortnights. The requirement is that you had paid your employees by the appropriate date for each fortnight. For the first two fortnights (30 March – 12 April, 13 April – 26 April), a minimum payment of $1,500 for each fortnight must have been paid by you even if it has been paid late, provided it is paid by 8 May 2020. If you do not pay your staff by this date, you will not be able to claim JobKeeper for the first two fortnights. You can use the MyGov portal to enrol for the JobKeeper support. More links on how this support scheme works and how to enrol below:
Boosting cash flow for employers Temporary cash flow support to small and medium businesses and not-for-profit organisations will be available to organisations that:
The cash flow boosts will be delivered as credits in the activity statement system, and will generally be equivalent to the amount withheld from wages paid to employees for each monthly or quarterly period from March to June 2020. In practice, this means you keep the amounts you have withheld from payments for these periods, however, there are some exceptions. An additional cash flow boost will be applied when activity statements for each monthly or quarterly period from June to September 2020 are lodged. These credits are equal to the total boosts credited for March to June 2020. They will be paid out in either two or four installments depending on your reporting cycle. You must lodge your activity statement to receive the cash flow boosts. More links to help you assess if this applies to your business or NFP:
Increasing the instant asset write-off Under instant asset write-off eligible businesses can:
From 12 March 2020 until 30 June 2020 the instant asset write-off:
Backing business investment – accelerated depreciation To be eligible to apply the accelerated rate of deduction, the depreciating asset must:
Small business entity If you are a small business with an aggregated turnover of less than $10 million, and you use the simplified depreciation rules, those assets over the instant asset threshold which are eligible for the accelerated depreciation are added to the general small business pool. You can deduct an amount equal to 57.5% (rather than 15%) of the business portion of a new depreciating asset in the year you add it to the pool. In later years the asset will be depreciated under the general small business pool rules. If you are a small business with an aggregated turnover of less than $10 million, and you use the simplified depreciation rules, those assets over the instant asset threshold which are eligible for the accelerated depreciation are added to the general small business pool. You can deduct an amount equal to 57.5% (rather than 15%) of the business portion of a new depreciating asset in the year you add it to the pool. In later years the asset will be depreciated under the general small business pool rules. Use can use this link to Work out if you are a small business entity Other business entities If you are an entity with aggregated turnover less than $500 million in the income year and do not use the simplified depreciation rules, you may be eligible to deduct an amount if the asset is a qualifying asset. The amount your entity can deduct in the income year the asset is first used or installed ready for use is:
Source used for this post: Australian Government Australian Taxation Office, www.ato.gov.au
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