MYOB ready for JobKeeper 2.0 with 38% of SMEs expected to claim
25 Sep 2020
MYOB today announced its major payroll products will be ready to process JobKeeper 2.0, the two-tiered extension of the ATO scheme, from its commencement on Monday 28 September. Recent MYOB research conducted with 1,085 small and medium sized enterprises (SMEs) shows the payment will be invaluable for 38% of SMEs who expect to access the extension.
To access the JobKeeper extension businesses are not required to re-enroll, however they must demonstrate a decline in turnover and notify the ATO which tier they will claim for their employees, based on the hours worked in the reference period.
“JobKeeper has been a lifeline for Australian businesses, 42% of which accessed the first JobKeeper payment. Thirty-seven per cent of those who accessed it would have closed down without it,” Dale Dixon, MYOB’s Head of Product for Small Business, said.
“We’ve been working closely with the ATO to ensure our products are ready, as we know a significant number of businesses and individuals will continue to rely on this payment as the country recovers from the economic impacts of the coronavirus pandemic.”
A staged rollout, starting today, will see MYOB AccountRight and MYOB Essentials payroll products feature additional start and finish fortnights through to 28 March 2021, a report to help customers identify which tier their employees belong to, ability to easily report the employee tiers to the ATO and a turnover calculator to help with the quarterly turnover test.
While the extension provides welcome relief for many businesses, Mr. Dixon acknowledges the long road to recovery.
“Sixty-one per cent of SMEs anticipate it will take more than six months to recover to pre-COVID levels of productivity and 32% who plan to access JobKeeper 2.0 say they would have to close their business without it.
“When coronavirus restrictions first hit Australia, we launched an online hub of resources to help our customers through the pandemic, featuring information and Business Preparedness guides to help through a tough trading environment. These resources are updated to help businesses through the recovery period.”
For further comment or other information please contact:
Selina Ife, Communications Consultant, MYOB
MYOB is a leading business platform with a core purpose of helping more businesses in Australia and New Zealand start, survive and succeed. At the heart of MYOB is a customer base of 1.2 million businesses and a network of more than 40,000 accountants, bookkeepers and consultants, for whom MYOB delivers end-to-end business and accounting solutions. MYOB operates across four key segments: Small and Medium Enterprises (SME), Enterprise, Financial Services and Practice. For more information visit myob.com or follow @MYOB on Twitter.