JobKeeper – Record Requirements

Eligibility for JobKeeper payments is a self-assessment process, with the Australian Taxation Office (ATO) administering the payment.  However, if a payment is made and the ATO later determine that the entity was not entitled to that payment (or was entitled to a lesser amount) the entity will be required to repay the overpaid amount.  Penalties and interest to overpaid amounts may also apply.

It is therefore very important that anyone enrolling for JobKeeper maintains records for 5 years to be provided to the ATO in the situation of an audit or review.  We recommend that each entity maintains these records in both a paper form and electronic form.

The following is a list of records that should be maintained for 5 years for any entity that enrols for JobKeeper payments.

Enrolment Turnover Records

• Whether you used a cash or an accruals basis to calculate turnover
• Reason why you adopted a cash or accruals method:
  • As per GST registration; or
  • Other method (details and justification on why a different method was used).
• What test period was used (i.e. which month or quarter)
• What comparative period was used (i.e. which month or quarter)
• Whether you used the basic test or an alternative test
• If you used an alternative test:
  • What alternative test was used
  • Reasons why the alternative test was used
  • Calculations of the comparative period turnover using the alternative test
• Profit & Loss Statement
• Which income was excluded from turnover (if any) (e.g. interest income)
• Detailed income report (e.g. general ledger) for the following:
  • Test period
  • Comparative period
• Calculation to show the percentage of reduction in turnover (e.g. greater than 30%)

Ongoing Turnover Reporting Records

• Period (i.e. which month or quarter)
• Whether you used a cash or an accruals basis to calculate turnover (as per enrolment)
• Profit & Loss Statement
• Which income was excluded from turnover (if any) (e.g. interest income)
• Detailed income report (e.g. general ledger)

Employees Records

• Completion of the nomination forms for the following:
  • Employees
  • Eligible business participant (excluding sole trader)
• Assessment of employees:
  • Which employees are eligible
  • Which employees are ineligible and reason why they are ineligible
• Ongoing employee reports:
  • Details if employee becomes eligible after JobKeeper commences
  • Details if employee become ineligible after JobKeeper commences

Source – Australian Taxation Office

Date – 01/05/2020