August 2020 Newsletter

Please click on the following link to view our monthly accounting/tax newsletter for

August – 2020

We would like to highlight the following articles in this month’s newsletter:-

Extension of the JobKeeper payment

On 21 July 2020, the Government announced an extension of the JobKeeper payment until 28 March 2021, targeting support to those businesses and not-for-profits who continue to be significantly impacted by the Coronavirus.

Turnover tests

• To be eligible for the JobKeeper payment from 28 September 2020 to 3 January 2021, businesses and not-for-profits will be required to demonstrate that they have met the relevant decline in turnover test with reference to their actual GST turnover in the September 2020 quarter relative to the corresponding quarter in 2019.

• To be eligible for the JobKeeper payment from 4 January 2021 to 28 March 2021, businesses and not-for-profits will need to demonstrate that they have met the relevant decline in turnover test with reference to their actual GST turnover in the December 2020 quarter relative to the corresponding quarter in 2019.

JobKeeper extension payment rate

From 28 September 2020 to 3 January 2021, the JobKeeper payment rates will be:

• $1,200 per fortnight for all eligible employees who were working in the business or not for-profit for 20 hours or more a week on average and for eligible business participants who were actively engaged in the business for 20 hours or more per week on average; and
• $750 per fortnight for other eligible employees and business participants.

From 4 January 2021 to 28 March 2021, the JobKeeper payment rates will be:

• $1,000 per fortnight for all eligible employees who were working in the business or not for-profit for 20 hours or more a week on average and for eligible business participants who were actively engaged in the business for 20 hours or more per week on average; and
• $650 per fortnight for other eligible employees and business participants.

Please do not hesitate to contact us if you have any queries in relation to your tax and accounting matters.