Australia Focussing On COVID-19 Compliance
In Australia, the ATO is highlighting non-compliance by some businesses with the rules regarding eligibility for providing JobKeeper payments.
The JobKeeper Payment scheme is a temporary wage subsidy for businesses significantly affected by COVID-19. The ATO explained that although the majority of large businesses are doing the right thing, a small number have been identified that may have manipulated their projections or financial positions to access JobKeeper payments they aren’t entitled to receive.
The tax authority went on to reveal that it has also found that some businesses have not kept adequate records to support their enrolment in the scheme. The ATO therefore stated that it was encouraging businesses to review its guidance on eligibility for JobKeeper payments and on the records that should be maintained, and urged them to contact it for assistance if they have made an honest mistake or are experiencing difficulties complying.
For more information on this, and other topical international tax matters, please visit: https://www.cchgroup.com/roles/corporations/international-solutions/research/global-tax-weekly-a-closer-look