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Recently the ATO has confirmed that they will begin to notify selected businesses using JobKeeper which they consider not to have satisfied the entitlement requirements.
The ATO believe many participants have already received JobKeeper payments and the ATO correspondence/press releases indicates such payments will now cease with immediate effect.
In addition, the ATO will be reviewing and/or investigating other participants to verify sales/turnover reported statistics with actual data, including a review of income tax returns and other reporting mechanisms.
Some examples may include:
Similarly, the ATO have indicated there are many businesses that were in operation as at 12 March 2020 who had made taxable supplies and were reporting PAYG withholding amounts that may not or did not qualify for Cash-Flow Boost payments.
The financial and emotional impact that the ATO payment audit/review or cessation letters will have on business operators who had already received JobKeeper or Cash-Flow Boost payments is expected to be substantial.
As such, we recommend you continue to maintain accurate reporting details of all submissions made to ATO for JobKeeper and Cash-Flow Boost and contact us should you receive any direct correspondence from the ATO.
Keep safe and kind regards
Barrie Pike and Kevin Prout
Furzer Crestani
furzercrestani.com.au
Suite 3, Level 13, 32 Smith Street, Parramatta, NSW 2150, Australia
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(02) 9635 3044
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Email. mail@furzercrestani.com.au
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