Column: Accounting - JOBKEEPER AND BEYOND

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01-10-2020

For most small/medium businesses this means that they will need to be able to demonstrate a GST Turnover drop for the September quarter of 30 per cent relative to the comparable period in 2019. In this next phase support will drop from $1500 per fortnight per eligible employee or eligible businessperson to a tiered rate depending on the average number of hours worked.
For those who worked on average 20 hours or more in the four weeks leading up to either 1 March 2020 or 1 July 2020, support will drop to $1200 and the much lower rate of $750 for those who have worked less. These rates are currently scheduled to fall again on 3 January 2021.
Every business is of course unique, and some will need to spend some time navigating the assessment criteria to make sure they get it right. The ATO are continuing to identify what they term as “concerning and fraudulent behaviour by a small number of organisations and employees” and will be applying penalties.
This is a pivotal moment for businesses. Now is the time

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