COVID-19 JobKeeper, Cash Flow Boost and Other Incentives.
For our existing clients, in case you missed the email communication
You’ve probably seen more e-mails on COVID-19 than you’ve seen customers.
I think you’d agree the last thing you want to do is read another long e-mail, so I’ll keep this brief.
Cash Flow Boost
This is automatic for businesses that meet the requirements as per the current ATO advice and will be available after the 28th April. This payment, if your business qualifies, will be triggered by lodging the March BAS which is done by Eagle Shared Services as part of our services. The due date for March BAS is the 21st of April.
If you want to see an estimate of the boost for your business and the months it could be paid in, see the model on Eagle. This is a new programme put together specifically for these new conditions . The first release is available now and the final release will be available after the 20th of April.
If you want more detail check out the link ATO Cash Flow Boost
We will be working with you to make sure you get all payments you are entitled to.
Your Payroll Officer will be your point of contact, however if you have any other questions please contact me directly.
- JobKeeper is fed from Single Touch Payroll (STP) and your business has been on STP since last year.
- You should have registered your interest to receive benefits through JobKeeper as an Employer by now.
ESS will manage the next step which is the formal business registration via the BAS Agent Portal. This will be done between 20 and 30 April.
- Once the ATO has made their assessment based on the March 2020 BAS lodgement, ESS will contact you. There will be further information available in this next stage.
- Further information will also be sent by next Friday the 24th April regarding the process for nominating staff for JobKeeper. This information will have access to the forms needed to be completed, dates of possible payments and other details. This of course, relies on the timely release of information from the ATO and allowing for any amendments. This will be a priority for Eagle Shared Services.
- Once staff who qualify for JobKeeper are identified, a monthly declaration will need to be completed by the employer. The ATO will confirm this information from the STP and BAS lodgements to check for accuracy.
Any businesses who change their structure to receive additional monies will become ineligible for this and any future schemes and will be required to pay back any monies received plus interest and penalties.
ESS will be assisting with filling in the declarations as necessary. If you’re concerned about how this will affect your cash flow, contact me.
- As with the Cash Flow Boost, Eagle will have a programme available for assisting with JobKeeper estimates. This will be available by Friday 24 April.
The ATO is still changing systems and there will be updates, however rest assured we have access to the latest information changes.
If you would like more detail see the link ATO JobKeeper
If your business was paying payroll tax, we have already contacted you regarding state-based refunds.
The refund period and concession details are different for each state and we will be e-mailing you once confirmed.
If want more detail, see the link CPA Australia Payroll Tax Summary
I have been in contact with all client banks and will be contacting each owner in regard to support available, should you be eligible and wish to access bank support.
Finally, if you have any questions or concerns please contact me directly.
Darren S. Ellis
Director – Eagle Shared Services Pty. Ltd.