The situation surrounding JobKeeper and other stimulus measures for the COVID-19 crisis continues to receive frequent news and updates as new advice is issued.
We direct your attention towards the below advices on our website regarding ‘enrolment’ for JobKeeper:
Note: this advice is separate to the “Expression of Interest” previously available.
Turnover Test: The ATO has updated their advice regarding the Turnover Test, which is available here. Importantly, the ATO has made clear their position on Cash vs Accrual accounting for the turnover test:
- If registered for GST on an Accruals basis: the turnover test must be measured on an accruals basis.
- If registered for GST on a Cash basis: the entity may test under either a cash or accruals basis
- If not registered for GST: the turnover is tested on an accruals basis.
Our office has prepared a simple template to keep track of your reported turnover and determine eligibility for JobKeeper – CLICK HERE TO DOWNLOAD OUR TEMPLATE. Please be mindful that while the spreadsheet is indicative, JobKeeper has extensive record-keeping demands to ensure entities are eligible for the payment.
If you have any queries or wish to discuss any matters discussed above, please contact our office on 07 3221 9444 or email firstname.lastname@example.org.
Date of Issue: 21 April 2020 Author: Noé Vicca
Disclaimer: The contents herein are intended for general information only and should not be construed as legal or accounting advice. Vicca Chartered Accountants Brisbane bears no responsibility for any loss that might occur from reliance on information contained in this publication. Please do not reproduce, transmit or distribute the contents herein in any form without prior permission from Vicca Chartered Accountants, Taxation Accountants Brisbane Australia.