Under the JobKeeper program introduced by the federal government, businesses and not-for-profits affected by COVID-19 can receive fortnightly payments to help cover the cost of employee wages. The JobKeeper program is in effect until 27 September 2020.
Even if you are a sole trader, you may still be eligible to claim the JobKeeper payment. Contact The Kalculators today to find out how much you’re entitled to receive.
For self-employed individuals working in the following entities, only one per business can be nominated to receive the JobKeeper payment.
Employers (including not-for-profits) whose turnover has declined relative to a comparable period in the prior year, by at least:
(if an ACNC-registered charity) – otherwise
(if aggregated turnover is less than $1 billion) – or
(if aggregated turnover is $1 billion or more)
Where the business has been impacted by COVID-19, but is not able to satisfy the relevant test above (e.g. startups or businesses not in operation a year ago), the business may be entitled to access an alternative ‘decline in turnover’ test. The Commissioner of Taxation has been empowered to issue guidelines for these alternative tests but has not yet issued any.
Self-employed individuals, including sole traders, company directors, partners in partnerships and beneficiaries of trusts. However, only one self-employed individual per business may claim.