Sep 30, 2020 Matthew Hung
Could this be your JobKeeper 2.0 lifeline?
If you are feeling stressed thinking you will miss out on the next phase of JobKeeper, because you have failed the Decline in Turnover basic test, the next few paragraphs could be the stress-relief you need.
Last Wednesday 23rd September, the ATO released details of its “alternative tests” for the next phase of JobKeeper. These are tests that organisations can apply where the Decline in Turnover basic test does not produce the required drop of 15%, 30% or 50%. Pass one of these alternative tests, and you’re back to receiving JobKeeper.
There are seven tests, which apply depending on your actual circumstances, as follows:
1. New businesses
2. Business with a substantial increase in turnover
3. Business with an irregular turnover
4. Business affected by drought or natural disaster
5. Business acquisition or disposal that changed the entity’s turnover
6. Business restructure that changed the entity’s turnover
7. Sole traders or small partnerships with sickness, injury or leave
The tests allow you to compare your current turnover to a period other than the one normally required. So, for example, for the September 2020 quarter, you do not need to use the September 2019 quarter as a comparison.
For some of our clients, these tests have given their business a lifeline by allowing them to qualify for the latest round of JobKeeper support.
As you can imagine, the rules are complex and there are conditions, so if you are interested (or stressed!), why not give us a call on 98781477? As we said at the start, it could well be the stress relief you need.
