Companies news
JobKeeper extension 2
Enrolment for the second JobKeeper Payment extension is now open.
The extension will cover the JobKeeper fortnights between Monday 4 January 2021 and Sunday 28 March 2021.
A business may be eligible for the JobKeeper extension 2 even if it wasn’t eligible for any of the previous JobKeeper periods. To qualify under the basic test, an entity must have experienced a reduction in turnover in the 2020 December quarter (October, November, December) compared with the 2019 December quarter of at least:
- 15% for charities
- 30% for businesses with $1 billion or less turnover
- 50% for businesses with turnover of more than $1 billion
Turnover is calculated under the same basis as GST is reported, either cash or accrual.
If the basic test is not satisfied, a business may be able to qualify for the JobKeeper extension by meeting one of the alternative tests covered by the following seven categories:
- Category 1: entity is new to business and did not have a full turnover in the December 2019 quarter
- Categories 2 and 3: disposals, acquisitions and restructures result in the December 2019 quarter not being comparable.
- Category 4: entity had a substantial increase in turnover
- Category 5: entity affected by drought or other natural disaster making comparison with the December 2019 inappropriate
- Category 6: business has an irregular turnover
- Category 7: sole trader or small partnership (with no employees) experienced illness, injury or leave during the December 2019 quarter.
These categories are explained in further detail here.
The deadline for enrolment in the JobKeeper extension 2 is 31 January 2021.
Source: Mazars