Only days before JobKeeper 1.0 ends and JobKeeper 2.0 begins on the 28 September 2020. The new rules and the latest ATO guidance on alternative reference periods, timing of supplies made and the decline in turnover test, and when higher rates automatically apply.

GST reporting method

When applying the new turnover reduction tests for the September 2020 quarter and December 2020 quarter, entities that are registered for GST must use the same method that is used for GST reporting purposes.

Current GST turnover

Current GST turnover is based on actual sales that have been made rather than an estimate / prediction of sales. Current GST turnover also includes proceeds from the sale of capital assets, unless the sale is input taxed. JobKeeper and ATO cash flow boost payments should be excluded from the calculation.

JobKeeper payment rates – alternative tests for the 80 hour requirement

If an individual did not work for at least 80 hours in the 'standard' reference periods, it is necessary to determine whether this threshold could be satisfied in connection with some alternative reference periods.

Wage condition extended to 31 October 2020

For the JobKeeper fortnights starting 28 September 2020 and 12 October 2020 the ATO is allowing employers until 31 October 2020 to meet the wage condition for all employees included in the JobKeeper scheme.

It's important to talk to your accountant to make sure you get it right. Please call us on 03 9836 2900 or email info@kidmanspartners.com.au.