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Sale of Land - JobKeeper 2.0 Actual Turnover

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Hi, from reading a few of the topics asked here, the JobKeeper extension moved the eligibility away from projected turnover (which does not include the sale of capital assets) to actual turnover (which does). So for satisfying the actual decline in turnover test, you will need to include the sale of the land (capital asset).

 

Say if there was a sale of land in both the Jul-Sep 2020 quarter and Jul-Sep 2019 quarter, however the Profit on land  (800k) sale was originally inadvertently not reported at G1 on the Jul-Sep 2019 Quarter BAS. 

 

Say the September quarter 2020 turnover amount: Total sales (G1) excluding GST is $1,000,000 (includes Jul-Sep 2020 qtr profit on sale of land).

 

If the original lodged Jul-Sep 2019 Quarter BAS had G1 figure as $1,400,000 (decline of about 28.6%), however, if the profit on sale of the land is included back in the Jul-Sep 2019 QTR, the G1 figure should have been $2,200,000 - and a decline in turnover of about 54.5%

 

My question is:

  1. Given the above, would the calculated $2,200,000 figure be used for the actual decline calculation - and used as the 'Check for eligibility' in the 2019 comparison period?
  2. Should the Jul-Sep 2019 quarter BAS be amended to include the Profit on Sale of land at G1 if this was the case?

 

Thank you so much!

 

 

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ATO Community Support

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Hi @AshC,

 

This appears to be a duplicate question.  We have replied to the duplicate.

1 REPLY 1

Most helpful response

ATO Community Support

Replies 0

Hi @AshC,

 

This appears to be a duplicate question.  We have replied to the duplicate.