Bookkeeping is a fundamental part of the financial process for any business. Without it, your accounting software has no data to work with. Keep reading for some tips to maximise your bookkeeping. Read More…
By Charles Talbot
The government has today announced updates to both the existing and extension JobKeeper schemes.
This can be broken down in two parts:
The Existing JobKeeper Scheme (Updated):
This is set to finish 27 September 2020. Businesses and not for profits eligibility for this remains unchanged. However, from 3 August 2020 the relevant date of employment for employees will move from 1 March to 1 July 2020. This means for eligible employers their existing ineligible employees may become eligible from 3 August 2020 if they were:
Therefore, it is vital eligible employers reassess their employee’s eligibility immediately. For employees who have now become eligible you must have them each complete the JobKeeper Employee Nomination Notice and identify them as eligible in your payroll software. By 16 August (and each subsequent eligible fortnight) you will need to pay the minimum of $1,500 gross (before tax) to all eligible employees claiming JobKeeper from fortnight 10 (3 August - 16 August).
The Updated Extension JobKeeper Scheme:
The Extension JobKeeper Scheme can be broken down into two parts:
Part 1: 28 September 2020 to 3 January 2021
To be eligible for the first JobKeeper Payment extension period businesses and not-for-profits will need to demonstrate that their actual GST turnover has fallen in the September quarter 2020 (July, August, September) relative to a comparable period (generally the corresponding quarter in 2019).
The JobKeeper Payment rates will be:
Part 2: 4 January 2021 to 28 March 2021
To be eligible for the second JobKeeper Payment extension period businesses and not-for-profits will need to demonstrate that their actual GST turnover has fallen in the December quarter 2020 (October, November, December) relative to a comparable period (generally the corresponding quarters in 2019).
The JobKeeper Payment rates will be:
Actual GST Turnover Test
To be eligible for JobKeeper Payments under the above extensions, businesses and not-for-profits will need to demonstrate that they have experienced the following decline in turnover:
If a business or not-for-profit does not meet the additional turnover tests for the extension periods, this does not affect their eligibility prior to 28 September 2020.
The Commissioner of Taxation will have discretion to set out alternative tests that would establish eligibility in specific circumstances where it is not appropriate to compare actual turnover in a quarter in 2020 with actual turnover in a quarter in 2019, in line with the Commissioner’s existing discretion.
Learn more from Treasury on how this will impact you or your business. Alternatively, please do not hesitate to contact our office on 02 6921 5444.
Director
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