Jobkeeper 2.0 kicks in on September 28, with its expanded eligibility criteria and tiered payments.
Is your business prepared?
By Jim Vass
The launch of JobKeeper 2.0 later this month will be welcome news for businesses who have not yet managed to re-open or bounce back from mandated Covid-19 shutdowns earlier this year, or are still suffering from the economy running in slow motion.
Those businesses looking for continued support, or accessing it for the first time, need to prepare to apply on September 28, under new criteria.
There have been some significant changes to this second round of JobKeeper. So, it’s vital that you have your financials – particularly your BAS statements – along with your employee records up-to-date so that assessments can be made correctly.
The second round, with it’s tiered system and two rates of payment is more complicated than the first, and it’s recommended that you seek professional advice for a thorough assessment of your business under the new eligibility criteria.
Along with my colleagues at ATB Partners, I’m hosting a free webinar next week which will provide an overview of how JobKeeper 2.0 is going to work, how to apply, and reporting requirements going forward.
It’s worthwhile joining us for this session, to have your questions answered. You can register here.
But …. But, a word of caution, every business circumstance is unique and with the various metrics in place around qualifying employees and the overall financial status of your business, making an assessment is not necessarily straightforward. We’re here to help.
And while these generous federal government handouts are a necessary part of the economic stimulus package, the ATO has also made no secret of the fact that it is also vigorously checking recipients. Any mistakes could end up being costly.
Once your registration is complete, those businesses receiving JobKeeper must really begin to look forward … There will come a time when JobKeeper won’t be available.
Strategic financial and business planning is crucial as we move ahead. It’s a simple fact that the generosity of the federal government as well as the generosity of the lenders and the landlords will come to an end, despite the fact that the economy is expected to remain fragile for many months to come.