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To help businesses cope with COVID-19 restrictions, you might be eligible for financial support. In NSW this includes the:

  • COVID-19 business grant
  • COVID-19 micro-business grant
  • JobSaver payment

To be eligible, your business needs to show a fall in turnover for a specified period in 2021 compared to the same period in 2019. For all eligibility criteria, check the NSW government website.

What about Victoria?

For details of the COVID-19 business grants and support for Victoria, visit coronavirus.vic.gov.au

Working out a change in turnover

Use the Profit and loss report in MYOB Essentials to determine your total income for the eligibility period in 2021, then compare it to the same period in 2019.

To determine the eligibility period for the grant or payment you're applying for, check the NSW government website.

You can then use the calculator in the Single Touch Payroll reporting centre to help work out your change in turnover.

 

To work out a change in turnover

First we'll obtain your total income value for 2021 then compare it to 2019.

 

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. 

  1. In MYOB Essentials, go to the Reports menu and choose Profit & Loss.

  2. Use the From and To fields to enter your eligible 2-week period. You'll likely want to use the 2-week period that best highlights any decline in turnover.
  3. Take note of the Total income value. You might want to print or save this report for your records. Here's our 2021 example
  4. Run the report again for the same period in 2019 to obtain the comparison value. You might want to print or save 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.

  1. Go to the Payroll menu and choose Single Touch Payroll reporting.
  2. Click the % Turnover tab.
  3. Enter the values noted from your profit and loss reports into the GST Exclusive Sales fields for the respective periods.
  4. Click Calculate. Any decline in turnover will be shown.

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 NSW government's website to apply. 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.

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.

If you don't use bank feeds

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

  1. Create a receive money transaction (Banking menu> Receive money). Need a refresher?
  2. In the Deposit into field, choose the account the grant was deposited into.
  3. In the Notes field, enter a description for this transaction.
  4. If you've set up the government as a contact, choose this from the Payer list.
  5. In the Allocate to field, choose the applicable income account.
  6. In the Amount column, enter the grant payment amount you've received.
  7. Choose the applicable Tax Rate. Check with your accounting advisor if you're not sure what to choose.
    Here's our example:
  8. Click Save.
Attach any grant-related source documents to the relevant expenses using the In tray.
 
Related topics

Analyse your profit or loss

 

 

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