With $130 billion on offer, there are plenty of risks if you get it wrong. And, like any package of this type, the devil is in the detail.
The JobKeeper subsidy represents the largest single stimulus initiative ever offered to Australian business. A payment of $1,500 per fortnight for each eligible employee for a period of up to 6 months is a massive underwrite of the Australian economy and already hundreds of thousands of businesses have registered their interest to participate in the scheme.
When participating in the scheme, employers will certify their eligibility and that of the employees they nominate to be covered by the payment. And, there are integrity provisions included in the legislation to protect against false or incorrect claims.
In all cases the employer will be paying their employee in advance of receipt of the subsidy, and if they get it wrong, they will have little or no recourse against their employee.
For the accountant advising their client, or deemed to be advising the client, there is a risk of providing incorrect advice or inadvertently not providing complete advice.
Practitioners need to understand the detail of the JobKeeper package and its requirements. Then, have a process for both your client and your firm to ensure that the appropriate steps and documentation have been completed to support any claim being made.
The majority of your clients will want to act on this in April to take advantage of the financial support being offered. This means that there will be time pressures on everyone. For some clients, the assessment and steps to claim will be quite simple. But for other clients, the eligibility criteria needs much closer examination.
Under this scheme many clients will be receiving tens or hundreds of thousands of dollars over the six-month period. They cannot afford to get this wrong.
Supported by practice based examples and scenarios we cover:
All registrants receive a copy of the sample work program and supporting checklists that can be used in your practice.
Greg has been advising clients for over 30 years. He brings a wealth of practical experience, an astute commercial mind, and his knowledge of tax law to his work.
Greg has a genuine interest in small and medium businesses and ensuring that they achieve the best result possible. He specialises in strategic planning techniques, valuations, and practice management.
He has built a successful Australasian accounting group from modest beginnings in the outer suburbs of Sydney. A popular presenter, Greg has ‘been there and done that.’ There are no untested theories or marketing hype – just practical, realistic principles that apply in practice.
Greg is a familiar face in the Australian media as an expert commentator on business and taxation issues. He is a former member of the Advisory Review Panel for the Board of Taxation.
Greg will take you through the process developed for Hayes Knight clients.
*The office rate applies per office location (maximum 20 participants per office location). The PD points for all attendees will be recognised - multiple links at same location if required. We will contact you for the names of your team once you have registered as an office.