JobKeeper 2.0 - The Alternative Test

HomeInsights

JobKeeper 2.0 - The Alternative Test

The legislative instrument confirms that the updated versions of the alternative tests should be used in determining whether an entity passes the original decline in turnover test for JobKeeper fortnights starting on or after 28 September 2020 as well as determining whether an entity passes the new additional decline in turnover tests to access the JobKeeper extension from 28 September onwards.

If an entity has already passed the original decline in turnover test for a JobKeeper fortnight before 28 September 2020 then there is no need to apply the original test again. 

The updated alternative tests released by the Commissioner of Taxation are broadly similar to the alternative tests that were released in connection with the original decline in turnover test. However, there are some key differences.


These have just been released, so we are putting together a framework to apply the tests.

We're here to help you if you need support to apply the alternative tests. Just contact our office on 03 5911 7000 for assistance.


27 Mar

My Reflections on Our 2-Day Corporate Retreat

Running a business is not just about crunching numbers and meeting targets; it's also about fostering a strong team dynamic and creating a shared vision. That's why I recently organized a 2-day corporate retreat for the entire SMART team at Phillip Island, and it turned out to be an unforgettable experience.


READ MORE READ MORE
20 Mar

Getting back what you put in: Loans to get a business started

A recent case highlights the dangers of taking money out of a company without carefully considering the tax implications.


READ MORE READ MORE
20 Mar

Revised stage 3 tax cuts confirmed for 1 July

The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024.


READ MORE READ MORE
19 Mar

How to take advantage of the 1 July super cap increase

From 1 July 2024, the amount you can contribute to super will increase.


READ MORE READ MORE
18 Mar

The ATO Debt Dilemma

Thousands of taxpayers and their agents were advised by the Australian Taxation Office that they had an outstanding historical tax debt.


READ MORE READ MORE
12 Mar

Testamentary Trusts - Why we believe everyone needs one incorporated into their will

In Australia, testamentary trusts have become useful for more people than ever before. They're not just for the wealthy anymore. 


READ MORE READ MORE
21 Feb

Maximising Returns: A Comprehensive Guide to Property Investment

Investing in property can be a lucrative venture, especially for small business owners looking to diversify their portfolio or secure a stable source of income.


READ MORE READ MORE
21 Feb

Supercharge Your Superannuation

As a small business owner or employee on wages, planning for your future includes managing your superannuation effectively.


READ MORE READ MORE
19 Feb

Cashflow: The Lifeblood of Business

In the ever-evolving landscape of small business ownership, it is imperative to remain vigilant and proactive, especially when it comes to financial management. We delve into key strategies and insights to help small business owners navigate financial challenges effectively.


READ MORE READ MORE

Related News

27 Mar

My Reflections on Our 2-Day Corporate Retreat

Running a business is not just about crunching numbers and meeting targets; it's also about fostering a strong team dynamic and creating a shared vision. That's why I recently organized a 2-day corporate retreat for the entire SMART team at Phillip Island, and it turned out to be an unforgettable experience.


READ MORE READ MORE
20 Mar

Getting back what you put in: Loans to get a business started

A recent case highlights the dangers of taking money out of a company without carefully considering the tax implications.


READ MORE READ MORE
20 Mar

Revised stage 3 tax cuts confirmed for 1 July

The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024.


READ MORE READ MORE