Late on Friday afternoon of 11th September, we along with the whole accounting community came to know that Service NSW had taken a decision to stop all JobSaver and Micro Business Grant payments till businesses do a re-test of drop in turnover. Thankfully a swift and cohesive action by accounting bodies resulted in Service NSW backtracking and delaying this re-test requirement by two weeks.
- If you have applied for either of the above payments, you will need to re-test your drop in turnover for the fortnight 12 Sep 2021 to 25 Sep 2021 in comparison with the same period in the year of 2019, 2020 or 2021 (whichever year was chosen for original comparison).
- For most businesses who lodge BASes on cash basis, their eligibility will depend on payments received in this period. For businesses who lodge BASes on accrual basis, their eligibility will depend on sales completed and invoices raised in this period.
- It appears that this testing will be required each following fortnight for a business to continue to get Jobsaver / Micro Business Grant payment.
- It also appears that if you fail the test for one fortnight but pass the next, you would probably be eligible for payment for the second fortnight.
Accounting bodies are aware of the financial and mental stress this policy change brings to the businesses and their accountants and are discussing alternative pathways. We will update as and when we get to know more.
Meanwhile, let's hope the lockdown finishes as planned, and we can get back to some normalcy in life. Get Jabbed! Get Freedom!
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should you need our assistance.