JobKeeper 2.0 - Let's unpack JK again! What does this version mean for my small business? With special guest Nicole Lynch from Streamline Management

Small Biz Matters

Small Biz Matters – #173 Providing the small business community with educational content and advocacy since 2014 with Alexi Boyd, broadcaster, advocate and small business owner. Date: 1 September 2020

Jobkeeper. JK. Stimulus. Handout. …. No matter how you describe it, it’s been a great illustration that we are living in the Lucky Country. Where else in the world has government been able to with one piece of legislation, simultaneously prop up the economy, maintain the employee/employer relationship, keep businesses alive and flush cash back into the broader economy?

But is it all good news? It is FAIR ? Is it EQUITABLE ? and what about those businesses we all know are being just plain dodgy? And another question; was COVID a missed opportunity where those businesses who were on the way out should have folded?

Joining us this week is financial frontline worker Nicole Lynch from Streamline Management who is now, like so many other BAS Agents a JobKeeper ninja. In just a few months these financial experts have navigated the JK legislation (often compared in its complexity to the GST which took months to roll out) and guided their small business clients through this minefield with finesse, expertise and just a little bit of hand-holding.

Welcome to the show Nicole!

Topics we’ll be covering:

• How do I get it?
  • What is the criteria for the new 2.0 JK payments? Whole quarter rather than monthly sales downturn
  • What’s changed compared to JK 1.0
    • ... and what about that 1july employee change?
  • What changes at the end of September?
    • Retest turnover decline (ACTUAL not estimate)
    • Test staff - fulltime vs part-time
    • Stuff we don’t know about yet (changes on changes)
    • Is it happening with the BAS?
  • What are the traps for young players / bookkeeping DIYers?
    • What happens to those doing it yourself? Many are not reporting, not testing correctly and not keeping records!
    • What’s the ATO doing to claw back those who assumed they were eligible or just plain dodgy. What have they been doing to data match and what questions are they asking?
    • When is an Eligible Business Participant not eligible?
    • How have good BAS Agents such as yourself bailed out those DIYers. What’s involved in this process? (I just run! You got yourself into this mess, you need to call the ATO to fess up before they catch you)
  • What about startups and those covered by the alternative testing for 2.0?
  • Have you noticed which businesses/sectors of the small business economy have benefited more for jobkeeper in the past few months?
    • Yes, those that are still trading are opting in (you need to be able to fund it for a whole month - not easy with no income), business with lots of staff need to have a good cash reserve to be able to pay ALL eligible staff before they are reimbursed
    • It’s all about hanging onto employees who you still need to pay first
  • As an adviser how to do if you think JK has helped the economy at large?
    • The money is being spent – the younger generation is more likely to spend it.
    • Or is it keeping the businesses alive which should probably go and get a JOB.
    • Businesses need to be aware of insolvency protections and the impact JK will have on this.
  • Generally JK legislation with all its trappings is a great example as to why it’s good to have a BAS agent on your side and already knows your business!
    • BAS agents are doing a lot of these claims, they have access to industry professionals to help them, a business owner just doesn’t have access to the same info and support.
    • BAS agents assist many of their clients run payroll - so they are in a great place to assist.

To find out more go to their website: https://www.streamlinemanagement.com.au

About our Guest:

Nicole Lynch is a co-founder and director of Streamline Management.

Nicole is a senior bookkeeper and has worked closely with countless businesses from differing industries over 20+ years – that’s plenty of experience in office administration and bookkeeping.

Nicole is our office Xero champion and loves helping small businesses make the switch from desktop to the cloud using connected business apps.

Nicole wears a lot of red!

About Streamline Management

We pride ourselves on our professional, confidential and personalised bookkeeping service. We are a small business, just like you, so you’ll never be just a number to us (pardon the pun!). Let’s put the fun back into your financial FUNdamentals!

Since 1997, our team of Australian based bookkeepers (we don’t and won’t offshore your work) use cloud technology to provide a seamless, continuous service. We will be there for you now; when you expand; and help you achieve your goals for your business. We offer bookkeeping & beyond.