accountang for live performers - Calculated Matters

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!

I have been getting a lot of similar queries this last week – and I’ll be honest – it’s difficult keeping on top of all the phone calls and emails, as well as process this behemoth stimulus package.

(AND afterall, I DO have a scarf to knit.🤣)

If I haven’t got back to you yet, I humbly apologise.

As you know, the Government is moving quickly with announcements and there is masses of policy being made ‘on the run’.

Truth is, at the moment I don’t know for sure if you are “JobKeeper” or “JobSeeker”. Many of you are somewhere in between, OR even a bit of both.

To help work through all the issues, and share information as it comes to hand, as well as answer your many questions, I’ve created a Facebook Group (Your Business Matters) – so please join the group HERE.

And simply fire away. Ask me your questions (and I will answer them). Make comments. Communicate and support each other. AND if you know of any other creatives, musicians, live performers, who might benefit, please invite them to join.

I also want to remind everyone that the Covid-19 Treasury Factsheets, and many of the announcements, are not yet in legislation. So while they give a broad overview, in reality, the final legislated details may be quite different.

Once we have legislation, I will interpret it and query the nitty gritty ‘real-life’ bits that aren’t properly explained. The bits that may help (or hinder) YOU.

Rest assured that I am keeping across ALL official Government updates – and plenty more. (That is also code for ‘no need to email me stuff’.)

And finally, while it’s incredibly hard now, I believe after weeks/months in quarantine, Australians will come out the other end of this with a renewed appreciation for our home-grown musicians, artists and creatives.

I also suspect it will be some time before foreign acts will be performing internationally. That means there is a captive audience of Aussies just waiting to go to the local pub, have a beer and watch a live performance.

Remember, save up your questions, and submit them to me via the Facebook Group – Your Business Matters. Because it does!

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

And remember, join our new Facebook Group Your Business Matters and post your questions and comments!

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Jobkeeper 2.0 The Final Cut

JobKeeper OR JobSeeker? Covid-19. Making policy on the run.

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