JOBKEEPER MONTHLY DECLARATION 

The next reporting deadline for JobKeeper is 14 June 2020.

Each month you must complete a monthly business declaration to keep claiming JobKeeper payments. You must do this in the first 14 days after the month you are claiming for.

You will need to re-confirm the business participant details and your eligible employees. You will also need to provide information about your GST turnover for the reported month and projected GST turnover for the following month.

The information you provide on your turnover is not a re-test of your eligibility.  The ATO are asking for this information to see how your business is progressing under the JobKeeper Payment scheme.

If any of your eligible employees change or leave your employment, you will need to update this employee information through your monthly declaration.

Instructions for completing the declaration can be found by clicking here.  If you need assistance with lodging your declaration, then please contact our office.


EXTENSION TO INSTANT ASSET WRITE-OFF 

The $150,000 instant asset write-off threshold has been extended to 31 December 2020

Australian businesses with annual turnover of less than $500 million will be able to take advantage of this extended timeframe to invest in assets to support their business as the economy reopens and Coronavirus health restrictions continue to be eased.

The instant asset write-off also helps to improve cash flow for businesses by bringing forward tax deductions for eligible expenditure. The threshold applies on a per asset basis, so eligible businesses can immediately write-off multiple assets provided each costs less than $150,000.

The extension will also give businesses additional time to acquire and install assets, as they will now have until the end of the calendar year. Assets can be new or second hand and could include for example, a truck for a delivery business or a tractor for a farming business.

Further information regarding the instant asset write-off can be viewed here.