The Federal Government has finalized the JobKeeper Extension program, and had made some significant changes to the test. One of the sigificant changes is the turnover test will be based on quarterly rather than monthly, hence you need to compare your sales of July to September 2020 against July to September 2020 to see whether the sales had decreased by 30%, if it is not, then tough luck you will not be eligible for the new jobkeeper program. If you can not meet the basic condition of the extended Jobkeeper program, then you can look into the alternative testing to see whether you are eligible. The alternative testing includes the followings:
- Businesses that started after the comparison period. Use this test if your entity started businesses after the relevant comparison period (the business did not exist in that period) but on or after 1 March 2020.
- Business acquisition or disposal that changed the entity’s turnover
- Business restructure that changed the entity’s turnover
- Business that has had a substantial increase in turnover
- Business affected by drought or natural disaster
- Business that has an irregular turnover
- Sole trader or small partnership with sickness injury or leave.
If you or your business would like to talk to someone in relation to the alternative testing for the Jobkeeper program please contact us on 0410829900 or email John on email@example.com
The test is much harder then the previous one, where the business can use either the monthly GST turnover or the quarterly GST turnover to compare to the previous period. They could use the one which is more favorable to them.
As one of the most experienced and professional accountant in Ashfield Sydney and Adelaide South Australia. We will be able to help you to sort out the many issues associate with the jobkeeper program, or the new extended Jobkeeper program. Please give John Cheng a call on 04108-829-900, or email him on firstname.lastname@example.org.