Get ASX Price


Liability limited by scheme approved under Professional Standards Legislation

Latest News
Hot Issues
September update of latest COVID-19 initiatives.
ATO JobKeeper 2.0 guidance surfaces
Expats Return to Australia – Travel Expenses
Profession to be relied on for post-JobKeeper turnover certificates
Update of Superannuation contribution rules from July 1, 2020
Expats & COVID-19 Impacts on tax residency
Economic recovery could be slower than anticipated: RBA
High Court rules in favour of employers on personal leave accruals
JobKeeper Phase 2 - Latest Update
Payroll Tax 2020 concessions and JobKeeper
High alert issued over myGov tax time scam
Extended director penalty regime to catch out ‘zombie companies’
SG amnesty deadline - 7 September
‘Hundreds’ to be contacted in ATO early super compliance blitz
90,000 SMEs to benefit from new JobTrainer program
Work Related expenses – 2020
‘Everyone is now on notice’: ATO acquires COVID-19 data on 3m Aussies
Extra Tools & Resources for our clients.
Year End Tax Deductions – “equipment”
Home Office Claims 2020
Early release of super sees ‘high take-up’
Tax time 2020: ATO homes in on rental deduction claims
ATO announces Div 7A COVID-19 assistance
‘HomeBuilder’ grants now available.
$150k instant asset write-off extended for 6 months
Articles archive
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Profession to be relied on for post-JobKeeper turnover certificates

 

Accountants will soon be tasked with providing certificates to businesses being weaned off JobKeeper to enable them to cut employee hours or change their duties under temporary Fair Work changes.

 



         


Under new legislation introduced on Wednesday, businesses that qualified for the first round of JobKeeper, but are unable to qualify for JobKeeper 2.0 because they no longer satisfy the 30 per cent decline in turnover test, will still be able to access temporary Fair Work Act provisions for a further six months if they are experiencing a 10 per cent decline in turnover.


These temporary Fair Work Act provisions include being able to reduce employees’ ordinary hours by 40 per cent of the hours they worked before the pandemic struck, and give them directions in relation to duties and location of work.


In order for such businesses to qualify, they will be required to obtain a 10 per cent decline in turnover certificate from a registered company auditor; a registered tax agent, BAS agent or tax (financial) adviser; or a qualified accountant.


These accountants must be independent and external to the employer, and cannot be a director, employee or associated entity.


However, there will be a carve-out for small businesses with fewer than 15 employees to allow such employers to provide a statutory declaration to attest to the 10 per cent decline.


The 10 per cent decline in turnover test periods will align with BAS lodgement dates for each completed quarter.


False or misleading information provided to accountants in order to satisfy the 10 per cent decline in turnover test will face a maximum civil penalty of 60 penalty units for inpiduals or 300 penalty units for a corporate entity.


Chartered Accountants Australia and New Zealand assurance and reporting leader Amir Ghandar said the practical aspects on providing the 10 per cent decline in turnover test certificate have yet to be worked through with government officials, with engagement only just commencing.


“We will seek to work with the government to make sure the requirements are clear and accord with applicable professional standards,” Mr Ghandar said.


“CAs should be aware of the professional practice and insurance implications in undertaking assurance engagements.


“Employees and the organisations that represent them will rightly take a keen interest in the accountants’ work, and the Federal Court can examine whether an employer has indeed satisfied the 10 per cent test.”


 


 


Jotham Lian
27 August 2020
accountantsdaily.com.au


 




21st-September-2020
 

Agostinelli Perlen
Phone: (03) 9654 2022 // Fax: (03) 9654 2044 // Email: info@agpe.com.au

Disclaimer | Privacy Statement