The rules and guidance for JobKeeper continue to evolve, meaning more employers may now be eligible for the scheme. Amongst other updates, there is now increased flexibility in calculating turnover from when the rules were first announced just short of 3 weeks ago. So, if you had previously assessed your organisation was not eligible for JobKeeper, it may be worthwhile revisiting your eligibility now these changes have been announced. Updates relating to JobKeeper include: All entities can now use cash or accruals for calculating turnover This information was updated on the ATO website 24 April 2020 and applies regardless of which method you use to calculate GST. Payment extension for Fortnight 1 and 2 until 8 May 2020 (previously 30 April) A sensible decision given many employers are still working out if they are eligible, as the rules keep changing. JobKeeper enrolment due date extended to 31 May This is helpful for those who already pay > $1,500 per fortnight to employees, otherwise the realistic deadline is 8 May to receive JobKeeper from the start. Bank hotline established for accessing funds to cover JobKeeper payments to staff in advance of reimbursement from the ATO For those that want/need to borrow to fund JobKeeper payments we trust this speeds up the process · ANZ: 1800 571 123 · Bank of Melbourne: 1300 784 873 · Bank SA: 1300 669 472 · BOQ: 1300 55 72 72 · Bendigo Bank – web enquiry only · CommBank: 13 26 07 · NAB: 1800 JOBKEEPER (1800 562 533) · St George: 1300 730 196 · Suncorp Bank: 13 11 55 (then select 1,3,3,1) · Westpac: 1300 731 073. Charities can choose to exclude government revenue from turnover This should assist more charities be eligible for JobKeeper. Previously many charities were not eligible as despite losing revenue such as donations and client fees, they could not meet the 15% decline basic test due to their reliance on government funding. Alternative tests released to cover: o New businesses o Acquisitions/disposals/restructures o Growing businesses o Businesses affected by drought or natural disaster o Businesses with irregular turnover o Sole trader or small partnerships with sickness, injury or leave o Service entities (Coming Soon) Just remember if an entity satisfies the basic test it does not need to go to an alternative test. If you fall into more than one of the classes of entities covered by the alternative test, you can choose which alternative decline in turnover test to apply. You only need to satisfy one of the tests (it does not matter if you do not satisfy one of the other tests that applies to you). Link to rules – https://www.legislation.gov.au/Details/F2020L00461 ATO https://www.ato.gov.au/general/JobKeeper-Payment/ Seeking assistance For tailored advice on whether you are eligible for JobKeeper and what you need to do to comply with the JobKeeper rules, please contact us. More information and guidance is being released on an almost daily basis so we encourage all Employers to get appropriate advice in respect of JobKeeper. You can read our original post about JobKeeper that has been updated to reflect 28 April changes here. |
The facts and benefits of Cloud Accounting
We often get asked about the cloud accounting platform, so we have put together an infographic so you can see how it...
