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JobKeeper – Extension Update

Posted by   |   August 28th, 2020   |   Categories: Topics

JobKeeper Extension Update

The Federal Government has announced further changes to its JobKeeper program to make qualifying easier for businesses.

High level summary of JobKeeper 2.1

Businesses now only need demonstrate the downturn for the single relevant quarter, rather than multiple quarters.

Reference date for employee eligibility has now been amended to 1 July 2020, instead of 1 March.

1.0 Current JobKeeper

The current JobKeeper program will remain unchanged to 28 September 2020.

Employer eligibility: basic test

30% decline in projected GST turnover; or
50% decline for businesses with aggregated turnover of more than $1 billion; or
15% decline if a registered charity.

Worker eligibility:

Doesn’t change

Payment rate:

$1500 per fortnight for all eligible employees.

You can still apply

JobKeeper remains open to new recipients provided they meet the existing eligibility requirements and the additional turnover tests during the extension period.

2.1 New JobKeeper

JobKeeper from 28 September 2020 to 28 March 2021.

Employer eligibility: basic test

No changes to decline percentages (30%, or 50% if turnover $1 billion+, 15% if a registered charity).
To be eligible from 28 Sept to 4 Jan 2021, businesses need to measure the decline in actual GST turnover for the Sept 2020 quarter against the Sept 2019 quarter.

To be eligible from 4 Jan to 28 March 2021, businesses need to measure the decline in actual GST turnover for the Dec 2020 quarter against the Dec 2019 quarter.

Alternate tests are available for businesses with extenuating circumstances.

These new rules now require businesses to demonstrate that they have suffered a significant decline in turnover using actual GST turnover rather than projected GST turnover.

Worker eligibility

In addition to existing eligibility rules, the reference date for assessing eligibility is now 1 July 2020. This is a change to the previous date of 1 March 2020, and has been made to ensure that those employees hired when conditions began to bounce back, will now be eligible for the payment.

Payment rate

From 28 September the payment rate will be reduced in stages with two payment rates introduced.

o meet the 20+ work hours test and qualify for the higher payment rate, eligible employees need to have worked in the business or NFP for 20 hours per week on average in February or June 2020 (the 4 weeks before 1 March/July 2020). The period with the higher number of hours is to be used for those eligible at 1 March.

For those eligible employees who worked less than 20 hours per week on average during that period, the lower rate will apply.

20+ Work Hours Work Hours < 20
28 Sept 2020 – 3 Jan 2021 $1200 $750
4 Jan – 28 march 2020 $1000 $650

Need payment summary and statement forms?

Posted by   |   June 17th, 2020   |   Categories: Topics

If you made payments this income year to employees that you didn’t report through Single Touch Payroll, you need to: provide each employee with a PAYG payment summary – individual non-business (NAT 0046) by 14 July. Even if you didn’t withhold any tax, lodge a PAYG payment summary statement (NAT 3447) to the ATO by 14 August. The ATO no longer send reminder letters and paper payment summary forms to employers in June however, you can order the forms on their website.

Next step: Order forms through the ATO Publication Ordering Service and search by the NAT number.

If you lodge payroll through Single Touch Payroll (STP) you no longer need to send PAYG payment summaries. Employees can access their summaries via their MyGov login

How To Create Automatically Recurring Transactions and Avoid Financially Costly Errors

Posted by   |   January 20th, 2017   |   Categories: MYOB Tutorials, Topics

There are certain functions in Myob AccountRight that can be real time savers, enabling accurate transaction recording, speeding the entering of data and myriad other shortcuts. However, caution is also encouraged as trouble lerks if you become non attentive. Let me give you a real life example!

Over a coffee with a friend who is a business owner, he told me of his tale of caution, and how much it cost him. Now, seriously interested, I leaned in to hear his tales of woe, only to conclude that what happened to him could happen to many business owners.

Jack (not his real name) has many clients he automatically invoices either monthly or quarterly. The invoice amount for each client doesn’t alter and therefore this is an ideal way of generating invoices as it saves enormous time. However, by pure chance, he was perusing his Accounts Receivables Report and noticed that some of his client’s recent invoices weren’t appearing on the report. These invoices were supposed to be created automatically. He couldn’t understand why. He looked at his Recurring Transaction List, saw the names of those clients on that list and said, What the ……! Lacking a good understanding of Myob, he didn’t know how to fix the problem. Why these handful of clients and not all of them? But what made him really upset? Those clients hadn’t been invoiced for over 12 months. The cost? Thousands of dollars. Would he be able to recoup that money from his clients after so much time had elapsed? What would his clients think of his professionalism? Should he cut his losses?

He asked me what I thought was the problem. I wasn’t sure but I suspected I knew the answer. I asked him if I could have a look at his AccountRight program which he gladly agreed to. I saw the problem immediately. As simple as changing a setting in the recurring transaction setup window. Not clicking the correct button at the time of creating the automatically recurring invoice meant the invoices weren’t being automatically recorded. It’s easy to make this error and many businesses with small to mid size customer bases are guilty of doing the same thing and may be unaware of how money they are losing.

If you have any questions about the functions of AccountRight, please leave a comment or send me an email. If you believe this topic has been of benefit, please click the Like button. Better still, subscribe to my blogs or to my YouTube channel for more How To videos on using Myob AccountRight.

I’m Henry from myobtrainer.com

 

 

 

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