Coronavirus Stimulus Package For Small And Medium-Sized Businesses: Complete Guide How To Claim Jobkeeper Payments?

September 27, 2020    Accountant Perthwa

Many people have lost their jobs in due to the plight of Covid-19. Australians haven’t remained an exception in this regard. The even tougher task is to apply for jobseeker payments at Centerlink’s official site. The MyGov is also a convenient option but not more than the former. This is due to the influx of ample applicants the moment Covid-19 curbed a bit.

Claim your jobseeker payments effectively

So, the question is that how to claim your jobseeker payments effectively? Particularly people who are running small and medium-sized businesses in Australia must read this post carefully. You can hire an accountant in Perth to get the best assistance about it.

Basic eligibility conditions

Well, the fact is not every employee laid off by his/her employer in Australia can apply for the jobseeker payments. An applicant will be considered eligible only after he/she meets the following criteria in a proper way.

  • The applicant has to comply with the definition of what is called being unemployed.
  • The limitation of assets and income of the applicant should be below the test limits.
  • The applicant also has to meet the residence rules.
  • The applicant has to be between 22 years and Age pension age.

It may happen that you have been found as ineligible to claim the jobseeker payments. Alternatively, you can claim some other types of payments as well. These include the Parenting payments and youth allowances to name a few. Besides, the partner test has also been increased till $79,000 until recently. This implies that you will still be considered eligible to claim your jobseeker payments. You can do this even if your partner earns less than the amount said above.

Jobseeker payments for small businesses

Of late, another stimulus jobseeker payment has been declared to chiefly assist small businesses. This is like a cash boost offered to these businesses via which they can pay their employees. You don’t have to apply for this payment separately. Instead, a credit will be against your business when you will lodge your next activity. A qualified Tax Accountant Perth can provide you the best assistance in this regard.

The turnover criterion

Small and medium sized businesses will be considered eligible only after they meet the turnover criterion. This requires them to earn a comprehensive turnover of less than $50 million. Once they are found eligible they will get entitled to a jobseeker payment between $20,000 and $1, 00000.

Eligibility for old employers

Until recently, another crucial announcement has been made concerning Australia’s JobKeeper Payments. According to this employers who have faced severe financial crunches due to novel Corona can apply for a specific amount. This allows them to apply for a sum of $1500 every fortnight for each of their employees. In case you have recently lost your job please contact your erstwhile employer as soon as possible. The ATO will pay your employer and your employer will pay you in the form of a salary.

Allowance for early access to superannuation

The myGov has declared that it will start an early application concerning access to superannuation. The tentative date related to this early superannuation release is 20th April, 2020.

Early superannuation registration process

To get registered, you must log in to the account of MyGov first. After this follow each of the instructions given there properly. Each of these instructions has been given in response of the Covid-19 crisis. So, make sure you follow them strictly. You are allowed to access till a sum of $10,000 particularly for this financial year. Besides, you are also entitled to an additional sum of $10,000 for the following year.

Apply for the JobKeeper payments

So, now it’s time for you to apply for your jobkeeper payments. To complete this task successfully you need to follow the right procedure. If you wish you can also hire one of the qualified business tax accountants to serve this purpose effectively. Despite this given below is a general procedure to assist you in applying for the JobKeeper Payments successfully.

Step 1: Log in to your MyGov account

To get started you must log in to your MyGov account first. In case you don’t have an account you can make one at MyGov’s official site.

Step 2: Link your Centrelink account to your MyGov account

This step requires you to connect your centrelink to your MyGov account. It may happen that you don’t have a centrelink account. In that case you need undergo the entire sign-up procedure effectively. This procedure basically requires you to prove your true identity via the phone.

Step 3: It’s time to start your application process

As soon as you have access to your Centrelink account through MyGov, you can commence the application procedure. During this procedure, you are required to submit a number of documents. The documents which you need to submit will differ according to your individual circumstances. Another crucial criterion is that you must prove that you are completely unemployed at the moment. To prove this you must procure a valid letter from your previous employer effectively. This will confirm your unemployment, making you eligible for the jobkeeper payments.

Step 4: Get acquainted to the income supplement options

The final step requires you to get acquainted with the various income supplement options available. Accordingly, you must go for the one which you find the most compatible. Which amongst these options you will choose will again depend on your individual circumstances.

The Advantage

The biggest advantage is that you don’t need to visit a brick and mortal office of the Centrelink. Instead, you can complete the entire application procedure online. Small and medium businesses are mainly benefiting from this privilege in response to the Covid-19 plight. Besides, an extra supplement amount of $550 will be included per fortnight. This privilege will be given to eligible applicants for the next six months.

Contact Tax Accountants in Perth!

Contact an accountant for taxes in Perth as soon as possible. Through their high-quality Accounting Services you can claim your jobkeeper payments in the best possible way.

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