There is no free lunch, once the danger of the crisis levels out then we should expect some Audit and Review from the ATO.

The Government took great measures to save the economy from collapse and that debt will need to be repaid at some time soon.

A recent Accountants Daily article shows what we expect ought to happen and what will be happening, highlights include:

  • $120 million in JobKeeper payments have been recovered by the ATO due to businesses making deliberate or reckless mistakes,
  • $69 billion that has since been paid out since JobKeeper began in late March
  • only claw back where there has been a deliberate or reckless mistake,
  • For the actual decline in turnover test, the ATO will pay close attention to irregularities in an entity’s current GST turnover
  • ATO will particularly monitor businesses that omit sales from their reporting, or delay or alter the recognition of sales from normal practices.
  • Suitable documentation includes the declaration of the business participant; employment records, such as payroll data or time sheets and other attendance records; employment contracts; business diaries; appointment books and logbooks; records of store trading hours; hours billed; invoices issued; or records prepared for another business or statutory purposes. 

You can view the full article here More > $120m in JobKeeper clawed back by ATO, new compliance areas highlighted

About $120 million in JobKeeper payments have been recovered by the ATO due to businesses making deliberate or reckless mistakes, as fresh guidance on its JobKeeper extension compliance focus lands……..

View the ATO’s latest guidance on its JobKeeper compliance focus areas here.

Please call us if you would like to discuss

General Advice warning: the information in this article is general in nature, it is not advice specific to your needs. If you want to act upon the information in this article then you should seek advice from a qualified professional. VJC WM accepts no liability to any party for acting from this information unless they have sought advice in a formal engagement with VJC WM for this purpose.