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Updates to JobKeeper 2.0

Updates to JobKeeper 2.0

Following on from our JobKeeper 2.0 blog on 30 July 2020, on 7 August 2020, the Treasurer announced further changes to increase access to the scheme during the proposed extension period (i.e. 28 September 2020 to 28 March 2021), driven by the recent impact of the pandemic in Victoria.

 

Under these revisions, from 28 September 2020, entities will only have to meet the quarterly decline in turnover test for the previous quarter instead of multiple quarters as was originally proposed.

 

In addition, from Monday 3 August 2020, the employee eligibility test date will move from 1 March 2020 to 1 July 2020. The new reference date will apply for the last four fortnights of the legislated scheme as well as the duration of the proposed extended period. Staff who were hired after 1 March 2020 may now be eligible for JobKeeper.

 

The revised turnover tests are summarised as follows:

 

30 March to 27 September 2020

28 September to 3 January 2021

4 January 2021 to 28 March 2021

Decline in turnover

Projected GST turnover for a relevant month or quarter is expected to fall by at least 30% (15% for ACNC-registered charities, 50% for large businesses) compared to the same period in 2019.*

Actual GST turnover in the September 2020 quarter(July, August & September) fell by at least 30% (15% for ACNC-registered charities, 50% for large businesses) compared to the same period in 2019.

The decline for the quarter needs to be met to continue receiving JobKeeper payments.

Actual GST turnover in the December 2020 quarter (October, November & December)fell by at least 30% (15% for ACNC-registered charities, 50% for large businesses) compared to the same period in 2019. The decline for the quarter needs to be met to continue receiving JobKeeper payments.

 

Alternative tests potentially apply where a business fails the basic test and does not have a relevant comparison period.

 

Find out more about JobKeeper and our accounting and tax advice services.

Or book a meeting for a friendly follow up.

 

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