JOB-KEEPER PAYMENT EVALUATION & DECLARATION:
Turnover Assessment Evaluation Worksheet:
(Please read all steps below carefully and complete the excel sheet before submitting the form):
We have developed a self assessment turnover worksheet, which is available by CLICKING HERE.
PLEASE NOTE: KINDLY DOWNLOAD THE SELF ASSESSMENT WORKSHEET BY CLICKING ABOVE, COMPLETE THE WORKSHEED BASED ON THE BELOW STEPS. ONCE COMPLETE PLEASE USE THE ONLINE FORM BELOW AND SUBMIT THE COMPLETED FORM. DUE DATE : 8TH OF MAY 2020
STEP 1: Calculate GST Turnover and estimate projected : New Rules as below : (JobKeeper Payments)
Get a copy of your bank account statement for the 2019 year and note down credits/business income from 2019 on a monthly basis from March 2019 onward.
Also use your cash receipts book for the same period and record all cash incomes for the period, please make sure you do not record cash deposits in your bank account if you have transferred monies out from cash receipts book to the bank account.
Please visit the link below to calculate your GST turnover. (If you require us to calculate the turnover and prepare projections, our fee shall be $250). Please contact your client manager.
https://www.ato.gov.au/General/JobKeeper-Payment/In-detail/Applying-the-turnover-test/?page=2#Step3workouttherelevantGSTturnover
STEP 2: Record all monthly actual incomes in the provided Excel Assessment Tool and then compare them to current year and let the assessment tool evaluate if you qualify for the JobKeeper Payments for the stated months. For the months to come, record projected/estimated sales.
Please note: the rules surrounding whether you qualify for JobKeeper are quite complex and hence you need to determine this yourself. Generally for any of the months if your turnover fell by at least 30% for the same period from last year then you would qualify for that month.
STEP 3 : You need to record PROJECTED/ESTIMATED TURNOVER for the months of MAY, JUNE, JULY, AUGUST & SEPTEMBER 2020.
Please note: You need to evaluate business’s operations and how it may have been affected by COVID 19 and make a reasonable estimate.
STEP 4: Save the excel and attach this via the completed online form below and submit the form for us to submit this information to the tax office to request the payments to you.
What to do if you realize you do not qualify for the April Payment?
STEP 5: In case you realize that you are NOT ELIGIBLE to receive these payments for the current month but eligible for future months based on your estimated/projected turnover still submit the form. Please note: You will not be eligible for the months you did not have the reduced turnover.
Rules for determining the GST turnover:
Notes: As per the ATO, the GST turnover needs to be calculated as per below link, however simply put if you follow our methodology and if you are on a cash basis of accounting you should end up with a similar result. Given these rules, if you wish for us to calculate the GST turnover for you, kindly feel free to contact us.
https://www.ato.gov.au/General/JobKeeper-Payment/In-detail/Applying-the-turnover-test/?page=2#Step3workouttherelevantGSTturnover
Shortened Explanation:
On Cash Basis of accounting, you need to RECORD all income credits in your bank account from a corresponding period from the previous year to the current year and complete the worksheet to determine eligibility. The turnover figures should ideally be net of GST per the ato and based on the ATO determined rules for determining GST turnover. Once completed please save the worksheet and attach to the form below and submit the form for us to apply to receive the JobKeeper payments on your behalf.
The self assessment turnover worksheet, is available by CLICKING HERE.
All key dates regarding JobKeeper Payments are available by visiting the below link: