These last 2 weeks of October are very important for employers and employees.
There are 3 significant milestone activities required asap:
1. Tiers for JobKeeper2 – select these in Xero Payroll
2. Tax tables from the federal government’s budget
3. Enrol for JobKeeper2
This is for your information and requires action.
They may or may not require any particular responses by you to Benkorp. It is important to be aware of all the changes, updates and new processes that are happening in these days.
If the Benkorp Team are providing your organisation’s ongoing bookkeeping and accounts services then we are already in contact with you. However the information is important for you to relate with your employees as appropriate for each one.
If you are preparing the payroll and/or JobKeeper for your organisation then there are some points for you to be aware of and take action.
1. Employee Eligibility and Tiers for JobKeeper 2 must be decided asap. Then, you must update Xero with the employee Tiers. Click here for Xero’s instructions on this. You STP files will not be submitted to the ATO until this is done. See our previous blog for more details about the whole JK2 process, including the Tier requirements: https://www.benkorp.com/jobkeeper-2-it-is-easier-than-we-thought/
2. Our recent Federal budget brought the announcement of the new PAYG tax tables, effective from October 13, 2020.
The tax tables will be updated in Xero very soon. The development team at Xero is working on this as a top priority.
At the same time it is not mandatory to implement them until mid November. Obviously some employees are keen to see the changes asap. We suggest you advise employees that the changes in their tax tables will be implemented as soon as they are available in Xero.
For clients of Benkorp using our payroll facilities, we will advise you as soon as we know and work with you to expedite the implementation. If you use Xero for your payroll you will be advised as soon as this happens.
3. Now is the time to enrol for JobKeeper 2 on the ATO Business Portal. This is done at the same place the Monthly Declarations are lodged. During this enrolment process, the ATO will ask for your GST Turnover amounts for the Jul-Sept 19 and Jul-Sept 20 periods, so be ready will these. You will not be able to submit your Monthly Declaration for JobKeeper 2 without having already enrolled from JobKeeper2. Whether you have been taking advantage of this subsidy or not it is to your advantage to check your organisation’s eligibility. For a full explanation including reference to the Eligibility Tests. For employer and employee, go to our blog about this:
Any questions or followup please email our Team here: Benkorp Ops Team