Source: Robyn Jacobson – Senior Tax Trainer Tax Banter Pty Ltd
▪️ Uses GST of definition of turnover (taxable and GST-free but not input taxed, and only Australian supplies).
▪️ First payments will flow in first week of May. Available from 30 March 2020 to 27 September 2020.
▪️ To be eligible, employers need to continue to pay staff then seek reimbursement. This includes the first payment period from 30 March to 12 April 2020.
Even if staff are stood down, employer has to keep paying the salary or wage in the meantime. If cash flow is an issue, the Government suggests employers should speak to their bank to seek credit until early May.
▪️ Employees must be at least 16 years of age on 1 March 2020.
▪️ Partnership? Only 1 partner can receive JKP.
▪️ Trust? Only 1 individual beneficiary can receive JKP.
▪️ Company pays director’s fees? Only 1 director can receive JKP.
▪️ Company pays dividends? Only 1 shareholder can receive JKP.
▪️ Apprentice? 50% wage subsidy available 1 January to 31 March 2020, but not eligible from 1 April 2020 if receiving JKP.
▪️ Integrity rules will apply.
There are more questions than answers at the moment and we ask you to be patient whilst we wait for the legislation which is due to be tabled . Legislation on Wednesday.