Each month, to receive the cash from JobKeeper, you need to claim the JobKeeper payment from the ATO business portal and report some key numbers.
You will need to go to BP.ATO.gov.au (Business Portal ATO) or your accountant can do it via their Tax Agent Portal and each month, report a couple of things:
The first one is your GST turnover of the previous month. April is the first full month we claim. Now that April has finished, you need to know what your GST turnover is. The ATO is also asking you for the estimate of the following month, or if you’re claiming for April, what is the month of May going to look like for your business. At the moment, we’re looking for the best guess of what May’s turnover will be. It doesn’t have to be exact and there’s no penalties if it’s way under or over. However, each month, you do need to report your actual turnover for the month just finished.
Secondly, what you also need to do is consider, “Are your eligible JobKeeper employees still eligible?” This is still relevant if you have any employees who leave employment (quit or terminate). So each month you’ll confirm the employees that you are claiming for and also confirm each fortnight you are claiming the payment for.
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. 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://calendly.com/inspireca/strategycall
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