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https://help.myob.com/wiki/x/iY0EB
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To be eligible for a COVID-19 business grant, your business needs to show a fall in turnover for a specified period in 2021 compared to the same period in 2019.
For all grant eligibility criteria, check the government website:
NSW: https://www.service.nsw.gov.au/transaction/2021-COVID-19-business-grant
What about Victoria?
For details of the COVID-19 grants and business support for Victorian businesses, visit coronavirus.vic.gov.au
Working out a change in turnover
Use the Profit and loss report in MYOB to determine your total income for the eligibility period in 2021, then compare it to the same period in 2019.
The eligibility period is a minimum of 2 weeks from 26 June 2021 to 17 July 2021.
You can then use the calculator in the Single Touch Payroll reporting centre to help work out your change in turnover.
COVID grants are not STP-reportable
Even though the calculator is in the Single Touch Payroll reporting centre, COVID-19 grant payments are not payroll related.
First we'll obtain your total income value for the 2021 period then compare it to the same period in 2019.
Do you have GST free sales? Use the GST report to determine your turnover for the eligibility periods. Speak to your accounting advisor if you need help.
- In MYOB, go to the Reporting menu and choose Reports.
- Click to open the Profit and loss report.
- Use the Date from and Date to fields to enter your eligible 2-week period (between 26/06/2021 to 17/07/2021). You'll likely want to use the 2-week period that best highlights any decline in turnover.
- Click Report options to choose your Accounting method (Cash or Accrual).
- Take note of the Total income value. You might want to print or save this report for your records. Here's our 2021 example:
- Run the report again for the same period in 2019 to obtain the comparison value. You might want to print this report too for your records. Here's our 2019 example:
Now we'll use these values to determine your change in turnover using the calculator in the Payroll reporting centre.
- Go to the Payroll menu and choose Single Touch Payroll reporting.
- Click the % Turnover tab.
- Enter the values noted from your profit and loss reports into the GST Exclusive Sales fields for the respective periods.
- Click Calculate. Any decline in turnover will be shown, like this example:
Any decline shown does not determine your grant eligibility. It's just a calculated value based on the numbers you entered. If you're unsure of your eligibility, check with your accounting advisor or the relevant government agency.
Applying for a grant
If you think your business is eligible for a COVID-19 grant, visit the government's website to apply. If you need help with your application, speak to your accounting advisor.
NSW: https://www.service.nsw.gov.au/transaction/2021-COVID-19-business-grant
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 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 depends on whether or not you have a bank feed set up on that account.
The grant payment will automatically appear in your bank feed transactions.
- 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 recorded a Receive Money transaction for the deposit, you can allocate the transaction to the applicable income account.
For details about working with bank feed transactions, see Working with bank transactions.
You'll need to manually enter a Receive Money transaction, like this:
- Go to the Banking menu and choose Receive money.
- In the Bank account field, choose the bank account the grant was deposited into.
- (Optional) If you've set up a contact for the government, choose them in the Contact field.
- For the Description of transaction, enter the details of this payment.
- In the Account column, choose the applicable income account.
- In the Amount column, enter the grant payment amount you've received.
- Choose the applicable Tax code. Check with your accounting advisor if you're not sure what to choose.
Here's our example:
- When you're done, click Record.