Sum Total Accounting and Business

Sum Total Accounting and Business

Connect - Be Inspired - Prosper

COVID-19: Do you qualify for support based on your business turnover?

Take a look at the table and guidelines below. Note, this information is up-to-date as of 8th April, 2020. Always make sure you access the most recent information and get in touch if you’re in doubt.

Definitions:

  • Business’ Annual Turnover refers to the turnover of the applicant’s business.
  • Aggregated Annual Turnover:
    • Defines turnover as ordinary income derived in the ordinary course of carrying on a business, not accounting turnover.
    • At a high level, it includes affiliate and connected-entity inclusive global turnover, excluding amounts derived from associates.
    • Is fully defined in section 328-115 ITAA 1997.
  • JobKeeper turnover reduction:
    • Is calculated on a per-entity basis, by comparing an entity’s projected / current GST turnover for a one month or one quarter turnover test period with the equivalent period in 2019.
    • The size of the reduction to be shown depends on the entity’s Aggregated Annual Turnover (see above) EXCEPT FOR not-for-profits who only need to show a turnover reduction of 15%.
    • Projected or current GST turnover for a test period will be limited to include the sum of its own taxable and GST-free supplies occurring in that test period.

We hope this helps to clarify what programs your business can benefit from.

Please get in touch to consider how this program can be utilised in your business.

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