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Jobkeeper 2.0 The Final Cut

Seems like forever since I last wrote to you about the announcement of JobKeeper 2.0 back in late July, and now that time has arrived.

Here’s a quick recap.

The current JobKeeper scheme expired on September 27.

From 28 September 2020,  until March 28 next year, new rules apply and payments will be reduced and split into two tiers.

A quick reminder for everyone wanting to re-qualify for JobKeeper. REMEMBER YOU MUST HAVE YOUR BAS UP TO DATE.

The ATO has sent us reminders for some clients who are now behind with lodgement of BAS. This needs to be completed before JobKeeper 2.0 can be approved.

The eligibility for the JobKeeper 2.0 payment is based on actual turnover in the relevant periods, and the payment will be stepped down and paid at two rates.

Businesses and not-for-profits seeking to claim JobKeeper will be required to re-assess their eligibility for the JobKeeper extension with reference to their actual turnover in the September 2020 quarter.

The rate of the JobKeeper payment in each extension period will depend on the number of hours:

  • an eligible employee works, or
  • an eligible business participant is actively engaged in the business.
It will be split into two rates.

Tier 1 rate – eligible employees who worked for 80 hours or more in the four weeks of pay periods before either 1 March 2020 or 1 July 2020, and eligible business participants who were actively engaged in the business for 80 hours or more in February and can provide a declaration to that effect.  Read more on the 80 hour threshold here.

Tier 2 rate – any other eligible employees or eligible business participants.

Employers and businesses will need to nominate the rate they are claiming for each eligible employee and/or eligible business participant.

JobKeeper Extension 1 – 28 September 2020 to 3 January 2021
You will need to show that your actual GST turnover has declined in the September 2020 quarter relative to a comparable period (generally the corresponding quarter in 2019).
The rates of the JobKeeper payment in this extension period are:

  • Tier 1: $1,200 per fortnight (before tax)
  • Tier 2: $750 per fortnight (before tax).

JobKeeper Extension 2 – 4 January 2021 to 28 March 2021
You will need to show that your actual GST turnover has declined in the December 2020 quarter relative to a comparable period (generally the corresponding quarter in 2019).
The rates of the JobKeeper payment in this extension period are:

  • Tier 1: $1,000 per fortnight (before tax)
  • Tier 2: $650 per fortnight (before tax)

Decline in Turnover
The actual decline in turnover test is satisfied for JobKeeper extension 1 when your current GST turnover for the quarter ending 30 September 2020 has declined by the specified shortfall percentage (30%) in comparison to your current GST turnover for the quarter ending 30 September 2019.

The actual decline in turnover test is satisfied for JobKeeper extension 2 when your current GST turnover for the quarter ending 31 December 2020  has declined by the specified shortfall percentage (30%) in comparison to your current GST turnover for the quarter ending 31 December 2019.

And one IMPORTANT comment, remember the decline is based on actuals, NOT forecasts.  This means that there are likely some of you who may not meet the required test this time around.

Grants – The RISE Fund

Every newsletter these past few months has peppered you with grant opportunities.  My apologies if you are suffering grant fatigue.  I know they are a lot of work but I would be remiss if I didn’t alert you to funding opportunities.

Here is another one that is relevant to the arts and entertainment sector.

The RISE Fund will provide targeted funding assistance for sector organisations seeking to restart, re-imagine or create new activities. The program is intended to assist by providing funding for the presentation of new or re-shaped cultural and creative activities and events including festivals, concerts and tours.

There are grants available for amounts of $75,000 up to $2,000,000 with a total of $75,000,000 on offer.

To be eligible, “organisations must have as their primary purpose, the arts and entertainment, and must:
• have an Australian Business Number (ABN)
• be registered for the purposes of GST (if applicable)
• have an account with an Australian financial institution
• comply with all regulatory, industry and legal requirements in relation to copyright, licensing and employment
• be located in any part of Australia
• provide a co-contribution to the activity

AND  be one of the following entity types: “incorporated organisations, a local government owned entity, a partnership, a joint (consortia) application with a lead organisation, a not-for-profit organisation, a registered Aboriginal and/or Torres Strait Islander Corporation , or a Sole Trader with employees.”

For more information about RISE, pop over to GrantConnect right here.

Contact me if you have further questions.  JobKeeper 2.0 is bound to have some hurdles.  Best of luck!

Covid 19 Grants for Small Business and Music Industry

This one is specifically designed to answer a question I am currently being asked by clients at least 7-8 times a day.

What are the Covid-19 grants available for Small Business and the Music Industry – and am I eligible?

So here it is – the small business and music industry grant list – pulled together last night over a glass of wine – so I can’t 1000%  guarantee I have listed EVERY.SINGLE.ONE.

But I think I’ve done a pretty thorough job – and the grants are listed HERE State by State, with a few extra resources thrown in.

If you haven’t already looked at your grant options then get to it NOW. Look for your State, click the link, read the criteria, and if you are eligible, APPLY.✍️

Some of them close soon (a couple have already closed) so please DON’T delay.

You have probably heard the Federal Government announcement yesterday that it’s starting to plan a roadmap out of this lockdown.

I am feeling optimistic that this may not go on for as long as we were originally led to believe.   Thanks mostly to the majority of Aussies doing the right thing. Keep those fingers and toes crossed.

In the meantime, hang in there.  We will all get through this.

If you are a creative, a live performer, a musician, and you have questions about making your way through the complexity of Covid-19 stimulus, contact us for some assistance.

Grab our JobKeeper Cheat Sheet

Now that the JobKeeper legislation has passed it’s time to seriously get cracking.

If you have eligible employees and if revenue is down 30% on last year, or if that’s looking likely in the coming months, then  YOU MUST REGISTER your interest for JobKeeper NOW.

The DEADLINE for JobKeeper REGISTRATION is 26 APRIL.

Failure to register by the deadline means you will miss out on JobKeeper payments for the first two fortnights.

If you’re unsure of your eligibility, just register anyway, it only takes a minute.

All you need is your business name and ABN, and a contact name, number and email address.

Once you have registered, the next steps are:

1. Check your business and your employees meet the eligibility requirements.
2. Continue to pay at least $1,500 to each eligible employee per fortnight.
3. Notify your eligible employees that you are claiming JobKeeper on their behalf.
4. Send the JobKeeper employee nomination notice to your eligible employees.

Here is a JOBKEEPER CHEAT SHEET we’ve pulled together which may help  to answer some of the eligibility and other JobKeeper questions you might have.  It also explains these next steps.

To help work through all the issues, and share information as it comes to hand, I’ve also created a Facebook Group (Your Business Matters).

So if you haven’t joined already, please join HERE AND FLAG YOUR QUESTIONS in the group where I will do my best to answer them for the benefit of everyone.

If you are a musician, live performer, or a creative, contact us now  to help get your finances in order and negotiate the Governent Covid-19 stimulus.

Covid-19 Business and Personal Checklist

I know it feels something akin to death by a thousand cuts at the moment – with businesses everywhere struggling – and a new ‘rescue’ package announced every few days that feels like it’s simply prolonging the pain.

Yes, that’s definitely how it feels.  And this cartoon above pretty much sums things up for me today.

But with every crisis comes opportunity. And we at Calculated Matters have pulled together a  Covid-19 business and personal CHECKLIST that you may find handy over the coming weeks.

The checklist contains a raft of common sense, practical tips for your personal AND your business finances.

Start ticking off the list. There is no time like the present to cancel that Foxtel subscription you never watch.

In the meantime, be kind. Be informed. And stay connected.  If there is ONE small positive about COVID-19, it’s that we are ALL in this together.

And we all have to find a new ‘normal’. At least for now.  Turns out my new normal bares a strong resemblance to the image above.🥴

For more of our blog updates on the Australian Covid 19 stimulus packages check out our blog here.  

Join our new Facebook Group Your Business Matters and post your questions and comments!

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