The Government last week confirmed that the wage subsidy scheme, JobKeeper, will come to an end as scheduled on 28 March 2021 (though there may be continuing industry-specific assistance for hard hit sectors, such as tourism).
For background, to be eligible for the current iteration of JobKeeper, business owners need to show that your actual GST turnover has declined by 30% in the December 2020 quarter relative to a comparable period (generally the December 2019 quarter).
With JobKeeper and other government assistance winding up (as well as the COVID-19 relief provided by State Governments, Banks, landlords etc.), do you know where your business’s finances were at without the COVID-19 assistance, where they are currently at, and where your business’s break-even point is moving forward?
Sit down with your accountant – or perhaps you can extract the financial data from your software yourself – and work your way through our feature “Post COVID-19” article in our just-released March/April edition of our magazine on page 16.
Know where your business is at and where it needs to be financially moving forward.
