The last 7 months have been difficult for business owners with many industries being severely impacted by the lockdowns enforced to try and keep the virus under control. Victorians are still living with these restrictions although the dropping case numbers give hope that relief will be forthcoming soon.
Elysium is no different from most Victorian businesses and our staff have been forced to work from home for the majority of the time from the middle of March. The feedback we get from these staff and from our clients, is that they are struggling (especially those in Victoria) with the continued lockdown restrictions and are finding it difficult to maintain a positive outlook as we get so close, but yet so far, from returning to a normal life.
The ATO has announced a new alternate test which businesses may find useful in assisting them meet the reduction in turnover requirements for the JobKeeper extended payments. It applies to those businesses whose turnover has not decreased in the September 2020 period due to an event that occurred in the corresponding September 2019 period that was outside the normal course of business.
The Federal Government has released its annual budget and as expected it contained several measures that are designed to assist the recovery of the economy after the abnormal impact of COVID-19. As always, these are proposed measures and need to be passed by Parliament but most of these measures, especially on the tax side, are proposals previously advocated by the Opposition so it is expected these will be passed.
Now that the initial JobKeeper scheme has finished, the new extended JobKeeper scheme kicks in with its new eligibility rules. This will once again prove to be a nightmare for struggling business owners and busy accountants.
The legislation confirming the alternate tests for JobKeeper 2.0 has been passed and although the ATO web guidance is yet to be released, this legislation confirms that the same alternate tests which applied to the first JobKeeper scheme will be applied for the extensions.