JobKeeper

  We need to show you how to register for JobKeeper 2.0. If you haven't done so, please remember that in September JobKeeper 1.0 is still charging in October. So, you still have to make that last decoration for that September in October and then receive that last payment for JobKeeper 1.0. Once you´re done with that, what you need to do in enroll for JobKeeper 2.0, but first you need to do the turnover test and you also need to work out your T: Tier 1 rate: orked 80+ hours 4 weeks before 1 March 2020 or July 2020. $1200 per fortnight. Tier 2 rate: Under 80 hours and any other eligible employees. $750 per fortnight. What you need to do is make sure you have the bank statements or accounting software to do our billing test. Remember that your GST turnover does not include JobKeeper and Cashflow payments. It is only the GST billing revenue. We have to prove the 30% drop in turnover. There are two methods to do that: General Turnover test 30% drop in Income Alternative test The Steps...

If you’re considering applying for JobKeeper, here are the answers to 14 questions businesses are asking their accountants right now. 1. What is the GST turnover?  GST turnover is the total of all your sales made (excluding GST, overseas sales, gifts and donations) for the given assessment period. 2. How do I work out my projected GST turnover?  Identify any sales you expect to make for the remainder of the turnover test period. Then factor in any changes in the patterns of trade you’re expecting due to COVID-19, such as related close-downs or periods of restricted trade. 3. My turnover hasn't declined yet. Can I still apply if my projected turnover shows a decline in the future? Yes. As part of the turnover test, you may have to work out your projected GST turnover for the remainder of the relevant test month or quarter. 4. How can I calculate a decrease in GST turnover for my new business? If your business has been in operation for less than a year, you may still be eligible...

Turnover Test Employers will need to reassess their turnover for each of the 2 new periods: Extension 1 (28 September 2020 to 3 January 2021), you'll need to demonstrate that your actual GST turnover has fallen in the September 2020 quarter and compare it to the same quarter in the previous year. Extension 2 (4 January 2021 to 28 March 2021) , you'll need to demonstrate that your actual GST turnover has fallen in the December 2020 quarter and compare to the previous year’s quarter. Employee Eligibility Test The new test date for assessing employees is 1 July 2020. Employees must be fulltime, part-time or long term casual employees employed as of 1 July 2020. Employers must calculate the correct JobKeeper rates for each employee: 28 September 2020 to 3 January 2021   Worked 20 hours or more: $1,200 per fortnight Worked under 20 hours: $750 per fortnight 4 January 2021 to 28 March 2021  Worked 20 hours or more: $1,000 per fortnight Worked under 20 hours: $650 per fortnight...

Eligible employers are businesses (including companies, partnerships, trusts, sole traders), not for profits and charities: • with a turnover of less than $1 billion whose turnover has fallen by more than 30% (of at least one month), or • with a turnover of $1 billion or more whose turnover has fallen by more than 50% (of at least one month). • Big banks subject to the Major Bank Levy are not eligible. Most businesses are expected to be able to establish that their turnover has fallen in the relevant month or three months (depending on the natural activity statement reporting period of that business) relative to their turnover a year earlier in 2019. However where a business’s turnover a year earlier is not representative of their usual or average turnover, (e.g. because there was a large interim acquisition or their turnover is typically highly variable) the Tax Commissioner will have discretion to consider additional information that the business can provide to establish that they ha...

Example 1: Star Hairdressing – multiple employees on different wages Lucy owns a hairdressing business with two employees. The business is still operating at this stage, but Lucy expects her turnover will decline by more than 30% in the coming months. Both employees are currently working for the business: Amelia, who is a permanent full-time employee on a salary of $3,000 per fortnight before tax, and Joe, who is a permanent part-time employee on a salary of $1,000 per fortnight before tax. Does Lucy meet the JobKeeper eligibility criteria? Yes, Lucy is eligible to receive the JobKeeper payment for each employee. Star Hairdressing and its employees will benefit Amelia:  Star Hairdressing will continue to pay Amelia her full-time salary of $3,000 per fortnight before tax. Star Hairdressing will receive $1,500 per fortnight from the payment to subsidise the cost of Amelia’s salary and will continue to pay the superannuation guarantee on Amelia’s income. Joe:  Star Hairdressing w...