The JobKeeper: The Alternative Tests Clarified webinar provides clarity on the application of the alternative tests.
Alternative tests are available for entities:
- That commenced business before 1 March 2020 but don't have a standard comparison period
- That have undergone an acquisition, disposal or restructure
- That had a substantial increase in turnover
- That were affected by drought or other disasters
- That have irregular turnover, and
- For sole traders or small partnerships affected by sickness, injury or leave.
We step you through the key differences between the original alternative tests and the updated version, and how to apply them in real life scenarios.
The 2020-21 Federal Budget is a road to recovery paved with cash. Some of the measures are aimed at addressing the harsh lessons COVID-19
has taught us and seek to centralise production back in Australia to ensure our industries can be self-reliant.
Reflecting on the past 6 months, particularly since the effect of Coronavirus on financial markets, I am concerned that many investors do not have a clear and tailored investment strategy. My observations are that investors seem to be failing to understand one basic investment principle; 'The higher the return the higher the risk’.
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.