DRAFT TOPIC - DO NOT DISTRIBUTE To be eligible for JobKeeper payments UI Text Box |
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| This content is obsolete, so we’ve retired the page.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. | To help businesses cope with COVID-19 restrictions, you might be eligible for financial support. To be eligible, your business needs to show a fall in GST turnover for a specified period in 2021 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 only need to satisfy the fall in turnover test once. You don't need to test your turnover in the following months or quarters. For all the details on JobKeeper eligibility for businesses, visit the ATO website. Working out a change in GST turnoverUse the GST report for activity statement in MYOB Essentials to compare your current monthly or quarterly GST on sales with the same period a year ago. 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 turnoverUse the Profit and loss report in MYOB to 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 your 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 more details on GST turnover tests, visit the ATO website. Let's step you through it. UI Expand |
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title | To work out a change in GST turnover |
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| 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. UI Text Box |
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| If you have GST free sales, you might want to use the GST report for activity statement to determine your turnover for the eligibility periods. If unsure, speak to your accounting advisor for guidance. |
In the Choose Report field, choose GST Report (Summary).- Choose the date range. In our example we've chosen the July - September 2020 quarter.
- To generate the the report for a Cash basis, select this option. Deselecting this option will generate the report for an accrual basis. Here's our example:
Image Removed - Click Generate report. The report displays GST inclusive values for your sales.
- Work out the GST exclusive value for G1 by subtracting the GST Collected from the Output Value. In our example 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.
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:
Image RemovedGenerate Image Added - Run the report again for the same corresponding earlier period in 2019 to obtain the comparison values.Again, work out the GST exclusive value for G1 by subtracting the GST Collected from the Output Value. In our 2019 example this is $137,789.31 - $12,526.30 = $125,263.01
You might want to print this report too for your records. Image RemovedHere's an example for 2019: Image Added
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 payment extension COVID-19 % Turnover Calculator tab.
Enter the GST exclusive values noted from your GST Summary Report and click Calculate. Any decline in GST turnover will be shown. Here's our example: Image Removed
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What's next?If you believe 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. |