To qualify for JobKeeper 2, your business needs to meet the decline in GST turnover test.

Sounds fairly simple to do calculate this.  Just run some reports off your accounting system to find your GST Turnover and compare the 2 numbers.

But there is a potential trap here.

If you are not coding your revenue and asset sales right, your system produced GST Turnover reports may be wrong.  And this could be a costly mistake if you have to pay back JobKeeper 2.

At one business I found they were coding GST exempt asset sales as BAS excluded and not GST Free income.  This mean the GST turnover was understated.   Luckily for them, this was in the comparison period and allowed them to qualify for JobKeeper 2.  Without this they would not have qualified.

At another business, I found some of their export sales were coded as BAS excluded, rather the GST Free.  This understated GST turnover significantly.  Luckily, they still qualified for JobKeeper 1 but did not qualify for JobKeeper 2.

The morale of this story is, don’t just rely on the standard GST reports from your accounting system to determine your GST Turnover.  Double check to make sure all revenue is reported correctly on your BAS.  Otherwise you run the risk of claiming JobKeeper 2 when you may not actually be entitled and have to pay the money back

If your business needs some help with JobKeeper, just contact me below

Contact Wayne Wanders for your FREE Business Survival Session

To ensure I help your business specifically, the best approach I have found is to have an obligation free session with you.  In this session we will review your current business in a factual and objective manner, to better understand the challenges that you face.  And this session does not need to be face to face.

At the end of this session, you will have multiple ideas on how your business can survive and thrive in these uncertain times.

Simply fill in the contact form below or email me at wayne@aRealCFO.com.au or call me on 0412 227 052 to organise one of these obligation free sessions.

To get help you successfully navigate your way through your financial challenges so your business can survive and thrive in these uncertain times, simply use the contact form on the left to email Wayne or call him on 0412 227 052.

Let Wayne Wanders, a fully qualified and experienced CFO, help you successfully navigate your way through your financial challenges so your business can survive and thrive in these uncertain times.

Wayne Wanders, A Real CFO

wayne@aRealCFO.com.au