As promised in our previous updates we are glad that we can finally confirm that the ATO have revealed the JobKeeper Extension rules which confirm the calculation of the actual decline in GST turnover and determine eligibility for businesses, along with other aspects of the Extension programs 1 (to 3 January 2021) and 2 (to 28 March 2021).
The new determinations follow after the Treasurer recently registered the rules governing the extension to 28 March 2021:
- Decline in turnover test
- Alternative reference period
- Determining the higher or lower rate
Of critical importance in recent days, was the release late Wednesday of the Alternative Tests, with the ATO website only updating and providing some clarity overnight.
If you are not currently enrolled for JobKeeper then it is not too late to assess your situation in light of these recent announcements and we would encourage you to contact us as soon as possible to discuss your eligibility.
If you are already enrolled in JobKeeper and would like to discuss whether you will qualify for Extension 1 then we can only determine this once you have finalised your September 2020 sales receipts, and can be done at anytime up to 31 October.
For more info, visit the below factsheet and the ATO website:
If you have any queries around these changes, or just wish to discuss the JobKeeper (or any other stimulus) program in general, then please don't hesitate to contact us.
Feel free to email us on info@ajbuckingham.com.au or call 03 9435 4444
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