spacer
spacer
spacer
spacer



CPA LOGO
spacer
Latest News
Hot Issues
State and Federal COVID-19 support --- January - 2022
Beware section 99B
ATO provides further clarity on DIN process
Unpaid client invoices placing greater pressure on SMEs
10 top global corporations since 1998
Increase in the number of SMSF members
Single Touch Payroll (STP) – Phase 2
ATO reiterates tax system incentives
Our 2021 Advent Calendar.
ATO flags focus areas for combating $33.5bn ‘tax gap’
Business Resources - Grants, Assistance, Resources and more.
Employee Christmas Parties and Gifts – Any FBT?
FBT – Christmas Parties and Taxi Fares
How the best firms are supporting the mental health of their employees
Asian Economies (1960 - 2020)
Making the festive season less taxing
Why more Millennials are turning to SMSFs
Company directors must register - all you need to know
Hardship priority processing of tax refunds
Business valuations: Tips, tricks and traps
Government moves to scrap SG $450 threshold
World's most productive countries
Superannuation changes - Superannuation guarantee (SG)
Unused Super Contributions
Main residence exemption myths and misconceptions
ATO extends COVID-19 relief for SMSFs
Articles archive
Quarter 4 October - December 2021
Quarter 3 July - September 2021
Quarter 2 April - June 2021
Quarter 1 January - March 2021
Quarter 4 October - December 2020
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 2 of 2020
Articles
‘HomeBuilder’ grants now available.
$150k instant asset write-off extended for 6 months
JobKeeper documentation ‘absolutely critical’ in ATO audit
Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
ATO updates JobKeeper compliance approach
COVID-19 hotspots - tax time 2020
Tax reform to feature heavily in PM’s JobMaker plan
Jobkeeper Fraud warning
ATO extends initial JobKeeper payment deadline
Boosting cash flow - ATO
Our website, your resources
ATO releases JobKeeper alternative test
Temporary Working from Home Expenses Rule
Minimum Pensions Halved – 2020 & 2021
More coronavirus support for landlords, commercial tenants
COVID-19: Early Childhood Education and Care Relief Package
What Covid-19 relief packages mean to you.
Now I’m working from home, what can I claim?
Global statistics plus Covid-19 updates
ATO clarifies COVID-19 rent relief concerns
Banks to defer small-business loan repayments for 6 months
Historic $130bn wage subsidy to cover 6 million workers
Stage 2 – Covid-19 stimulus package.
ATO extends initial JobKeeper payment deadline

Employers looking to enrol for the first two JobKeeper fortnights have now been granted a further extension of time to enrol and pay employees.



       


The ATO has now announced an extension of time for employers who wish to enrol for the first two JobKeeper fortnights to 31 May, an extension from 30 April.     


Crucially, for the first two fortnights that run from 30 March to 12 April, and 13 April to 26 April, the ATO will now accept the late payments of the minimum $1,500 per fortnight as long as they are paid by 8 May.


“This means that you can make two fortnightly payments of at least $1,500 per fortnight by 8 May, or a combined payment of at least $3,000,” said the ATO in an update on Monday.


Speaking to Accountants Daily, the Institute of Public Accountants general manager of technical policy Tony Greco said the payment extension was particularly welcome, considering how the previous deadline of 30 April was hard for employers to meet.


“The onus was on the employer to make the payment and then hope the employee is eligible, so they are taking a leap of faith and if they didn’t make the payment, they wouldn’t get the reimbursement,” Mr Greco said.


“If this date is not met, then the employer will lose the JobKeeper reimbursement and, more importantly, their employees may also be denied the benefit of the first two fortnight payments which will be an unnecessary loss assuming both the employer and employee are eligible.”


The extension in time to meet the wage condition comes after the ATO registered the alternative tests late last week and the Treasurer revealing that further changes would be made to the JobKeeper rules.


Assistant Treasurer Michael Sukkar said the extension would help the 500,000 businesses that have now enrolled for the JobKeeper scheme pay more than 3 million employees in time.


“This extension allows businesses further time to consider their circumstances and remove any cash-flow pressures arising from financing arrangements that have not been finalised,” Mr Sukkar said.


“Importantly, this extension does not negate the obligation on businesses to ensure they continue to pay eligible employees $1,500 in each JobKeeper fortnight.


“Businesses have until 31 May 2020 to formally enrol to claim JobKeeper payments. However, the sooner an employer pays their staff for April and enrols, the sooner the ATO can reimburse them the JobKeeper payments.”


With the major banks now stepping up with dedicated JobKeeper hotlines to provide bridging finance to businesses ahead of the ATO’s reimbursement, Mr Greco said it was pleasing to see the Tax Office adopt a flexible approach to give employers more time to meet the first payment date.


“There are a lot of dates flying around and this could be lost in translation,” he said.


“It is a very simple message, but I think everyone is working at a rate of knots that simple messages have just been lost.”


The ATO’s updated guidance on enrolment date and payment date can be viewed here.


 


 


Jotham Lian 
27 April 2020 
accountantsdaily.com.au


 


 




27th-May-2020
spacer
Privacy Policy | Disclaimer