Recent changes to the JobKeeper Payment scheme are sure to take a little bit of pressure off of employers.
Originally under the JobKeeper scheme, employers had 7 days after the end of a calendared month to report the previous month’s turnover and the prediction for the following month’s turnover.
However, the Commissioner of Taxation has now granted a deferral of the due date, allowing for an additional 7 days to lodge the report. (This change takes effect on 1 June 2020.)
This means that business’s now have until the 14th of the month to lodge their report. (For example, to be reimbursed for JobKeeper payments in May you need to complete your declaration by 14 June.)
The updated ATO guidance has been changed to reflect this. The ATO states that now every month, business’s under the JobKeeper scheme must:
- re-confirm your business and employee eligibility
- provide your business’s current and projected GST turnover
- complete a business monthly declaration for each month between the 1st and 14th of the following month
By pushing the due date further out, the ATO hopes to ensure more accurate reporting – the extension allowing practitioners more time to assess the figures and ensure that all the information provided is true and correct. The Tax Practitioners Board has recently released a fact sheet detailing the need for practitioners to be meticulous in their reporting.
However, business’s must decide for themselves how much time they will take in their assessment as the ATO has noted that the later the monthly declaration is lodged, the later business’s will be reimbursed for their JobKeeper Payments.