We take a detailed look at the new turnover reduction test aimed at service entities - when this test can be used, who is likely to miss out, and how the calculation process works. We also explore how the other 7 alternative tests should apply in practice, especially the substantial increase in turnover test over 3, 6 or 12 months.
We work through LCR 2020/1 which explains how to calculate GST turnover for JobKeeper purposes in detail. The ruling sets out 4 different methods that can potentially be used, including guidance on the cash / accruals issue and which entities are most at risk of ATO review.
And, we provide an update on the impact of the new rules for employees who are under 18 years of age and determining whether the ‘one in, all in principle’ applies to them. Plus, the new rules for certain non-profit entities, including charities and religious institutions.
In some areas the rules tighten access to JobKeeper, in others the amendments should enable greater access. In addition to this, the ATO has continued to drip feed guidance on key aspects of the rules - there is a lot to take into account and not a lot of time to do it.
This webinar adds clarity before the 8 May deadline for payments to staff for entities accessing JobKeeper from April.
FPA Accreditation: 21390
Total 1.5 CPD hours (0.25 regulatory & compliance, 1.25 technical)
Michael oversees the development of the tax team for Knowledge Shop and Hayes Knight in Sydney and is head of the Easton group’s national tax committee.
Michael has a knack for seeing through the complexity and helping practitioners work through highly technical issues with certainty and accuracy. Michael is a member of the advisory panel for the Board of Taxation and was a member of the reference group for the Board’s review of small business concessions.
He was also an expert panel member for the Board’s review of tax impediments facing small business.
*The office rate applies per office location (maximum 20 participants per office location). The PD points for all attendees will be recognised - multiple links at same location if required. We will contact you for the names of your team once you have registered as an office.