This week the COSS Network partnered with Professor David Gilchrist and Thomas Emery (University of Western Australia) to present two focused webinars on JobKeeper Payment applicability and accounting for not-for-profits and charities.
With over 500 attendees across the webinars, it is clear that not-for-profits and charities need further clarity around key elements of JobKeeper such as:
- Eligibility of your organisation for the JobKeeper payment,
- Documentation required as part of Australian Tax Office (ATO) compliance; and
- Whether to make use of the option to exclude government revenue from the JobKeeper turnover test.
It is vital that not-for-profits and charities are able to make informed decisions around whether to apply and how to do so as quickly as possible, with the enrolment deadline for the JobKeeper scheme now extended to 31 May 2020 (although organisations must still commence payments in the first week of May).
Professor David Gilchrist and Thomas Emery have made available a summary of FAQs and responses across the webinars.
The information provided is general, and we strongly recommend you contact your accountant or BAS agent to discuss your specific scenario and options. TasCOSS cannot advise if you are eligible or if your organisation should apply.