The Commissioner of Taxation has now released the updated alternative decline in turnover tests for the JobKeeper extension.
The Coronavirus Economic Response Package (Payments and Benefits) Alternative Decline in Turnover Test Rules (No. 2) 2020 legislative instrument has now been registered by the commissioner, setting out the revised alternative tests for JobKeeper fortnights from 28 September onwards.
The new alternative tests remain broadly in line with the original, with the same seven circumstances available to entities where there is not an appropriate relevant comparison period in 2019.
These include businesses that started after the comparison period, businesses that acquired or disposed part of the business, and where a business restructure changed the entity’s turnover.
The alternative tests also account for businesses that had a substantial increase in turnover, were affected by drought or natural disaster, have an irregular turnover, and had sole traders or small partnerships that experienced sickness, injury or leave during the comparable period.
A key difference in the updated alternative tests is that current GST turnover is now used in place of projected GST turnover, in line with the basic decline in turnover test for the JobKeeper extension from 28 September.
Knowledge Shop tax director Michael Carruthers told Accountants Daily the new legislative instrument also confirms that the commissioner’s rules in determining the timing of supplies for the JobKeeper decline in turnover tests apply to these new alternative tests.
“This should mean that if an entity is registered for GST, it needs to calculate current GST turnover using the same accounting method that is used for GST reporting purposes (i.e. cash or accruals). Entities that are not registered for GST can choose which method but must use a consistent approach,” Mr Carruthers said.
Changes to the ‘substantial increase in turnover test’
Entities that experienced a substantial increase in their current GST turnover will now be able to choose between using the period immediately before the turnover test period or before 1 March 2020.
“Under the original version of the rules, you had to start by checking if there was an increase in turnover of at least 50 per cent, 25 per cent or 12.5 per cent in the 12, six or three months before the test period,” Mr Carruthers explained.
“While this is still possible under the updated version of this test, an entity can also access the test if there was an increase in turnover of at least 50 per cent, 25 per cent or 12.5 per in the 12, six or three months before 1 March 2020.”
Changes to the ‘irregular turnover test’
A similar change has been made for businesses looking to access the irregular turnover test, with a choice of now using the period immediately before the applicable turnover test period or before 1 March 2020.
“Under the original version of the rules, you started by looking at whether the entity’s lowest turnover quarter was no more than 50 per cent of the highest turnover quarter for the quarters ending in the 12 months immediately before the applicable turnover test period,” Mr Carruthers said.
“However, under the updated version, you look at whether the entity’s current GST turnover for any consecutive three-month period before the applicable test period or 1 March 2020 is no more than 50 per cent of the highest of the entity’s current GST turnover for any other of those three-month periods.”
Changes to multiple disposals, acquisitions and restructures
The new alternative test removes the requirement for entities with multiple acquisitions, disposals and restructures to use the period after the last of the sequential transactions.
Where an entity has had multiple acquisitions, disposals or a sequence of restructure transactions at or after the start of the relevant comparison period but before the applicable turnover test period, the entity may apply these tests to each acquisition, disposal or restructure separately.
Sole trader or small partnership with sickness, injury or leave
The new alternative test for sole traders or partnerships affected by the sole trader or a partner not working for all or part of that period due to sickness, injury or leave has also been updated.
The revised test now uses the current GST turnover for the month immediately before the month in which the sole trader or partner did not work, rather than the turnover for the month immediately after the month in which they returned to work.
ATO web guidance is expected to be published shortly.
View the new alternative tests legislative instrument here.
View the accompanying explanatory statement here.
23 September 2020
The ATO has long held firm on the principle that rent payments (being a form of occupancy costs) are generally...
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Avi Paluch became a partner in 1975. His client base comprises of professionals in a diverse range of industries, sole traders, national, multi-national and international groups in relation to taxation and management issues.
His clients also include large family groups and high net worth individuals. In addition, he is involved in a range of audits. Avi currently involves himself in various community boards in the capacity of honorary treasurer.
His other interests are being with his family and attending sports events.
Andrew Goldberger joined Guests in 1987. Prior to that he occupied a senior position with the Australia Taxation Office. As well as looking after a diverse range of groups of SMEs and high wealth individuals, Andrew is an expert in taxation. He has been involved in a number of Large Income Tax and State Revenue Audits and provides advice on various technical tax issues and areas of tax planning. Andrew also consults to other practitioners in these areas.
Andrew has also written articles for various taxation publications including CCH and participated in taxation focus groups. He is regularly called on to address various public practitioner groups on taxation matters and has conducted training sessions for CPA Australia.
Ha joined Guests Accounting in 2002 and has earned her position to having been recently appointed a Partner in the firm. Since obtaining a Bachelor of Business (with Distinction) at RMIT, Ha has completed an MBA at Monash University and recently a Masters of Taxation at Melbourne Law School.
Having worked for a number of ASX Listed companies before joining Guests, Ha possesses both robust technical skills in management accounting and turn-around strategies, accounting technologies, together with in depth knowledge in public practice as a tax specialist and business advisor.
Ha’s diversity and quality of clients have accorded her a never-ending opportunity to learn. This has fuelled her ongoing loyalty to the firm to meet and exceed our clients’ expectations. Maintaining a good rapport with clients and well known for her personal and caring approach, she believes embracing new technology will be instrumental in providing deeper insights to their business. She has effectively utilised her knowledge, skills and creativity to the benefit of many of our clients’ business, both large and small enterprises.
As a firm believer in the importance of life time learning, Ha intends to continue her professional engagement with Australian professional bodies and institutions. Whilst regularly speaking and lecturing at Monash University and Latrobe University, she is actively involved with CPA Australia as an author and a group leader for the “Practice Management” Module of the CPA Professional Public Practice program. She is also a member of the Victorian Public Practice Committee CPA Australia, and a board member of KOTO International, a not-for-profit organisation in Australia.
Moshe joined Guests Accounting in 1985 and has more than 40 years of extensive experience. He has an indepth understanding of business and is responsible for a diverse group of clients and is in charge of the Superannuation Team and the Audit of superannuation funds.
Moshe’s knowledge in many different areas including business structuring, accounting, taxation, auditing, SMSFs and business planning in various industries enables him to provide advice on ‘the big picture’, taking into account both present and future needs of clients.
Moshe has been involved in various not-for-profit organisations during his career in an honorary capacity. This has given him a good grounding in the corporate governance area. Moshe continues his interest in the new regulatory environment of the not-for-profit sector.
Mory graduated from Monash University in 1979 and joined our team with more than 20 years experience. He is a member of both the Institute of Chartered Accountants and the CPA and a Fellow of the Association of Taxation and Management Accountants.
After more than 18 years experience with a Chartered firm, Mory travelled to the United Kingdom and gained invaluable experience working with various Accounting and Legal firms in London, developing operating systems and in investigative accounting roles.
Mory joined Guests in March 2002 and became a partner in July 2005, specialising in Taxation and Business Services. Mory has also served on the executive of community boards and not-for-profit organisations.
Gary Bryfman is a FCPA, having a Masters Degree in Taxation. His earlier accounting background was in industry, specialising in costing and budget preparations.
He has been a partner of Guests for 31 years. Gary has been involved in a number of Jewish organisations, including JCCV as honorary treasurer; CSG, JEMP and advisor to MDA executive.
Secure File Transfer is a facility that allows the safe and secure exchange of confidential files or documents between you and us.
Email is very convenient in our business world, there is no doubting that. However email messages and attachments can be intercepted by third parties, putting your privacy and identity at risk if used to send confidential files or documents. Secure File Transfer eliminates this risk.
Please enjoy the links to these free tools supplied by MoneySmart - a great resource for general financial information. Please get in touch if you would like to discuss any questions that you may have as a result of using these calculators.
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