Page Comparison - Working out turnover for a COVID-19 grant - MYOB Essentials (v.24 vs v.41) - General

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What if I'm not registered for GST?

If you're not registered for GST, you can use your business records that show when you received payments for your sales or when you issued invoices to work out your current GST turnover.

Check the ATO website to learn more about the decline in turnover tests

a COVID-19 grant, check the government website for your state or territory for application details. If you need help with your application, speak to your accounting advisor.

Recording a grant in MYOB

If you receive a government grant it'll be deposited into your nominated bank account.

We recommend you create an income account in MYOB Essentials to keep the grant payment separate from your other income. This will help your accountant at tax time. Speak to your accounting advisor if you need more advice about this.

How you record the grant in MYOB Essentials depends on whether or not you have a bank feed set up on that account.

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This content is obsolete, so we’ve retired the page.

You can remove any bookmarks to this page. If there’s something else you need, try searching our help centre.

The JobKeeper program ended on 28 March 2021

If you had employees being paid under JobKeeper right up to the end of the scheme, there's nothing you need to do in MYOB Essentials (you don't need to select a Final Fortnight for those employees).

For key dates and actions for employers, see the ATO website.

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To help businesses cope with COVID-19 restrictions, you might be eligible for JobKeeper paymentsfinancial support. To be eligible, your business needs to show a fall in actual GST turnover compared to the same period a year ago.

The required fall in GST turnover is:

30% for an aggregated turnover of $1 billion or less
50% for an aggregated turnover of more than $1 billion
15% for ACNC-registered charities other than universities and schools

You will need to check and submit your business's actual decline in turnover information for each JobKeeper extension period to demonstrate eligibility.

For all the details on JobKeeper eligibility for businesses, visit the ATO website.turnover for a specified period in 2021 compared to an earlier corresponding period.

To see if your business is eligible for support and what periods you need to compare, check the government website for your state or territory:

NSW: www.service.nsw.gov.au/campaign/covid-19-help-businesses/grants-loans-and-financial-assistance

VIC: www.coronavirus.vic.gov.au/business-grants-and-support

QLD: www.business.qld.gov.au/starting-business/advice-support/grants/covid19-support-grants

WA: www.smallbusiness.wa.gov.au/lockdown-assistance

SA: www.business.sa.gov.au/COVID-19-business-information-and-support/Financial-support-for-sa-businesses

TAS: www.business.tas.gov.au/covid-19_business_support_packages

ACT: www.act.gov.au/business/business-support/covid-19-economic-support-for-business

NT: www.nt.gov.au/industry/business-grants-funding

Working out a change in

GST

turnover

Use the GST report for activity statement Profit and loss report in MYOB Essentials to compare your quarterly GST on sales with the same period a year ago. determine your total income for the eligibility period in 2021, then compare it to the corresponding earlier period, for example 2019.

To determine the eligibility periods for the grant or payment you're applying for, check the government website links above.

You can then use the calculator in the Single Touch Payroll reporting centre to help work out the change in your GST turnover. You'll need to generate your reports to match your accounting basis (cash or accrual).This is a basic GST turnover test which might not suit all businesses. For example, you might choose to use the Profit & loss report to determine any change in turnover. If our suggestion below doesn't suit your needs, check with your accounting advisor or see the information on the ATO website about GST turnover tests.

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title	To work out a change in GST turnover

First we'll obtain your GST turnover values for a period in 2020 and the equivalent period in 2019.

In MYOB, go to the Reports menu and choose All reports.

Click to open the

total income value for the 2021 period then compare it to an earlier corresponding period, for example 2019.

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If you have GST free sales, you might want to use the GST report for activity statement

.

In the Choose Report field, choose GST Report (Summary).

For the date range, choose the July - September 2020 quarter.

If your business operates on a cash accounting basis, select the Cash basis option. If this option is deselected the report will generate for an accrual basis. Here's our example:

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Click Generate report. The report displays GST inclusive values for your sales.

Work out the GST exclusive value of G1, like this:

Output Value - GST Collected = G1 (GST exclusive)
In our 2020 example below this is $9372.35 - $852.03 = $8520.32

If displayed, take note of the Output Value for G3. These are your GST free sales for the report period. You might want to save or print

to determine your turnover for the eligibility periods. If unsure, speak to your accounting advisor for guidance.

In MYOB Essentials, go to the Reports menu and choose Profit & Loss.
Use the From and To fields to enter your eligible 2-week period in 2021. You'll likely want to use the 2-week period that best highlights any decline in turnover.
Take note of the Total income value. You might want to print or save this report for your records. Here's our 2021 example for July - September 2020:
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Run the report again for the same corresponding earlier period in 2019 to obtain the comparison values.Again, work out the GST exclusive value of G1:
Output Value - GST Collected = G1 (GST exclusive)

In our 2019 example below this is $137,789

.

31 - $12,526.30 = $125,263.01

If displayed, take note of the

Output Value

for

G3

. These are your GST free sales for the report period.

You might want to

also save or

print this report

too

for your records. Here's

our

an

example for

July - September

2019:

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Now we'll use these values to determine your change in GST turnover using the calculator in the Payroll reporting centre.

Go to the Payroll menu and choose Single Touch Payroll reporting.
Click the JobKeeper eligibility COVID-19 % Turnover Calculator tab.
Enter the
GST
values noted from
the reports you generated earlier for 2019 and 2020.
Enter the G1 (GST exclusive value) in the GST Exclusive Sales ($) fields.

Enter the

G3

values in the

GST Free Sales

fields

your profit and loss reports into the GST Exclusive Sales fields for the respective periods.

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The 2018-2019 Period fields can be used for whatever earlier period you're comparing to.

Any decline in

GST

turnover will be shown

. Here's our

, like this example:

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Any decline shown does not determine your JobKeeper grant eligibility. It's just a calculated value based on the numbers you entered. If you're unsure of your JobKeeper eligibility, check with your accounting advisor or the ATOrelevant government agency.

What's next?

Applying for a grant

If you believe think your business is eligible for JobKeeper payments, visit the ATO website to learn about enrolling for JobKeeper. Once you're enrolled, find out how to get set up and make JobKeeper payments in MYOB Essentials.

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<h2><i class="fa fa-comments"></i>  FAQs</h2><br>

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title	What if I'm not registered for GST?

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title	If you use bank feeds

If you use bank feeds

The grant payment will appear in MYOB Essentials when your bank feed transactions appear.

If you've already recorded a Receive Money transaction for the deposit (as described below), you can match the bank feed transaction to it.
If you haven't already recorded a Receive Money transaction for the deposit, you can allocate the deposit to the applicable income account.

For details about working with bank feed transactions, see Working with bank transactions.

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title	Are sole traders eligible for JobKeeper?

Are sole traders eligible for JobKeeper?

Sole traders (with no employees) may be eligible to receive JobKeeper payments if their business has experienced a downturn according to the ATO’s eligibility criteria.

If you’re eligible, there’s no need to set yourself up as an employee in AccountRight – just enrol directly with the ATO.

When you receive JobKeeper payments from the government, you'll need to record these as receive money transactions, ideally into a dedicated income account. For more details see COVID-19 wage subsidy (JobKeeper) payments.

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If you don't use bank feeds

You'll need to manually record a receive money transaction, like this:

Create a receive money transaction (Banking menu> Receive money). Need a refresher?
In the Deposit into field, choose the account the grant was deposited into.
In the Notes field, enter a description for this transaction.
If you've set up the government as a contact, choose this from the Payer list.
In the Allocate to field, choose the applicable income account.
In the Amount column, enter the grant payment amount you've received.
Choose the applicable Tax Rate. Check with your accounting advisor if you're not sure what to choose.
Here's our example:
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Click Save.

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Attach any grant-related source documents to the relevant expenses using the In tray.

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title	Related topics

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COVID-19 wage subsidy (JobKeeper) payments

Monthly JobKeeper declarations

Analyse your profit or loss

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Versions Compared

Old Version 24

New Version Current

Key

What if I'm not registered for GST?

Recording a grant in MYOB

Working out a change in

turnover

Applying for a grant

If you use bank feeds

Are sole traders eligible for JobKeeper?