JobKeeper Updates – How Helpful for Businesses And Individuals

September 16, 2020    Taxagent Perth

Every business and individual in Australia must remain updated about the JobKeeper payments. A Registered Tax Agent in Perth can guide them in a better way concerning this matter. Until recently, the Australian government has proclaimed various alterations pertaining to the JobKeeper scheme. Employees, who weren’t recruited on 1st March, 2020 are now also considered eligible. Employees, who were employed on 1st July, 2020 can claim their JobKeeper payments on 3rd August. They must meet the additional requirements for this.

An Extension in The JobKeeper Deadline

The ATO has declared that JobKeeper payments will be extended even after 27th September, 2020. These JobKeeper rates will be divided chiefly into various higher and lower rates. The eligibility to access the lower or higher rates will depend on the number of hours a person has worked. Besides, this assessment will be conducted over a four week test period. Employees working for twenty hours a week before 1st March or 1st July, 2020 can access the higher rates.

How To Evaluate Eligibility?

Most of the businesses need to evaluate their eligibility via their Business Activity Statement reports. Generally, the BASs are prepared before a quarter’s end. So, the eligibility should be assessed beforehand prior to the BAS reporting deadline ceases. This way the wage criteria of the eligible employees can be met effectively. The higher rate between 28th September, 2020 and 3rd January, 2021 is $1200 every fortnight. Similarly, the lower rate is $750 during the same period.

Another Important Update

The rates will decrease somewhat between 4th January and 28th March, 2021. The higher rate will be $1000 whereas the lower rate will be $650. So, let’s take a look at the different types of privileges the ATO is providing concerning the JobKeeper payments.

Covid-19 Aid

The Covid-19 supplement will continue somehow reduced from $550 to $250 between 25th September and 31st December, 2020. Eligible claimants can only access this facility apart from ineligible claimants.

Superannuation Becomes Accessible Early

As an Australian permanent resident or citizen or New Zealand citizen you can withdraw about $10,000 from your superannuation account. You can do this between 1st July, 2020 and 31st December, 2020. You are entitled to this privilege only if you have been affected by the following situation.

  • Financially affected severely due to Covid-19
  • If your working hours haven been decreased by 20% or
  • If you were dismissed.

Contact a tax agent in Perth to get the best assistance in this matter. Your tax agent will also help you to complete all your Personal Tax return duties impeccably.

Read More:- How Registered Tax Agent Helps You To Lodge Your Tax Return?

Income Support Faces Limited Access

Certain people become eligible to access the assets waiting and assets test periods. This privilege applies to any of the following people to be precise.

  • People who have partners and kids with a financial savings of $11,000.
  • Singletons with a financial savings of either $5,500 or $11,000.

Besides, the partner income test session will restart soon. Both these schemes will be reactivated from 25th September, 2020. People with relatively larger thresholds before Coronavirus are considered eligible for the former. Such people will be considered ineligible if their partners earn $80, $238.89 every year or $3,086.11 every fortnight.

Territory And State Oriented Support

Each of the territories/states is offering a particular type of support in light of the Covid-19 plight. These aids are provided additionally apart from the conventional reductions, rebates and waivers on the various governmental fees and licenses. To get more information, avail the best tax agent services in Perth.

Aid For Trainees and Apprentices

Employers paying wages of $7000 to trainees or apprentices every quarter will get a 50% reimbursement. Businesses with less than 20 workers are considered eligible to avail this privilege. The subsidy which has been recently introduced is applicable to businesses with less than 200 employees. In case of the former, the apprentice should be employed either on 1st March or 1st July, 2020. In case of the latter, the apprentice should be recruited on 1st July, 2020.

A Look at The Cash Flow Boost Payments

Has your business received its first cash-flow boost tranche in Australia? Then, rest assured that it will receive a cash-flow boost payment furthermore. Your business will get so between the quarters of June to September concerning the same amount. Besides, you will get this over four individual payments if you report on a monthly basis. It helps you reduce any obligations within the same reporting period. Besides, some additional sums can also be paid from the ATO as cash refund.

Who Can Help?

Contact a Tax Agent Perth today to get the finest assistance. A tax agent in Perth is even known enough about the various JobKeeper updates above. Aside from that, your tax agent will assist you in completing all your individual tax return successfully.

Contact a Tax Agent in Perth Today!

So, hire a tax agent in Perth and get rid of all your Small Business Tax liabilities effectively. Besides, your tax agent will keep you updated about the several JobKeeper payment changes above.

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