What you might not know about Job Saver small business grants
Trent Mclaren, speaks with Australian bookkeeping leader and Community Relations Manager at MYOB on the new government COVID-19 grants.
Job Saver is the woolly jacket most businesses have been reaching for to withstand the freezing winds of COVID-19 lockdowns this winter.
The amount of money on offer is a moving feast, with the government hinting at changes daily. For now, there is a minimum payment of $1,500 per week up to $100,000 per week, so there’s a bit of pressure to get all these forms right.
Here we talk to small business bookkeeping expert Leanne Berry from Love Your Numbers , about the top three things to keep in mind so you can make the most of the support on offer.
1. It helps to get your books up to date asap
"Job Saver insists on filing reports based on a decline in turnover over a consecutive 14-day period in June/July 21 compared to the same period in 2019. If you don’t have your books up to date, you’ll have to wait to claim on your earnings until you do. We bet that cashflow is very important right now.
There is a lot of uncertainty for business in this climate of instant lockdowns and the impact is being felt by all business. So it's more important than ever to control spending and keep a close eye on your financials going in and out of your bank account.
That's where a tool like DiviPay can have a serious impact on expense management. It allows you to create budgets, monitor your spending, create bill approval workflows and it integrates directly into your accounting software.
DiviPay gives real-time access to the business’ expenditure, instantly reconciled so there is no waiting around for end-of-month reporting to know where you stand. I love it, and where it fits, I recommend it to all my clients."
2. Right now, your tax Agent, BAS Agent or accountant are your best friends
To secure the grants, a professional overseeing your books must authorise and confirm there has been the decline and provide relevant documentation to support your application.
It’s important to listen to credible sources for your information. Bookkeepers, BAS agents and accountants are all ahead of the curve, now being trained by their respective industry associations on these matters. Save yourself some grief and use them as the first port of call for these insights.
3. You may be eligible for both the JobSaver and COVID-19 Disaster Payment
In addition to JobSaver, the COVID-19 Disaster Payment is available for individuals who have lost hours of work or income. For some who work both a job and run a business, or pay themselves through the business, it may be that you are entitled to both JobSaver and the COVID-19 Disaster Payment.
If you run a new business, there is an alternative test. At the moment the advice is to contact Service NSW directly for more information on this grant. Make sure, though, you’ve put your phone on charge before you call as we’ve heard the wait times are many hours long, as Service NSW grapple with the demand.
Need help managing your expenses? Try DiviPay today with our free 14-day trial.