Now that May has finished, and if you are eligible – my recommendation is to lodge your monthly reporting for JobKeeper as soon as you can.
Each month, to receive the cash from JobKeeper, you need to process a claim for the JobKeeper payment from the ATO business portal and report some key numbers.
You will need to go to https://bp.ato.gov.au/ (Business Portal ATO) or your accountant can do it on your behalf via their Tax Agent Portal and each month, report a couple of things:
Your GST turnover for the previous month
Now that May has finished, you need to work out what your GST turnover is. You can usually find this in Xero or your bookkeeping software.
Your estimated GST for the current month
The ATO is also asking you for the estimate of the following month, or as an example if you’re claiming for May, what is the month of June going to look like for your business.
At the moment, we’re looking for the best guess of what June’s turnover will be. It doesn’t have to be exact and there’s no penalties if it’s way under or over as things are super unpredictable now.
Consider are your employees still eligible
You’ll need to check that all your employees you are claiming for are still eligible. This is still relevant if you have any employees who leave employment (quit or terminate) – also making sure you’ve paid them the minimum $1,500 per fortnight.
So each month confirm the employees that you are claiming for and also confirm each fortnight you are claiming the payment for.
Lodge as soon as you can
My recommendation is to lodge the monthly report as soon as you can.
We’ve already seen money starting to hit bank accounts for our clients for April claims (paid in May). So as soon as the month finishes, in the first couple of days of the new month, make sure you get the reporting done.
You will only receive the JobKeeper payments once these reports have been submitted.
If you need help with JobKeeper, book a strategy call with one of our accountants: https://inspire.business/chat/
Select your desired option below to share a direct link to this page.
Your friends or family will thank you later.