Did you know that the JobKeeper payment is not just for employees but also for business owners? If you haven’t yet looked at your turnover for March 2020 and/or April 2020 so far, you need to. If you have suffered a 30% reduction when compared to the same time period last year you may be eligible for the JobKeeper payment and this is not just for your employees…….it’s for you too!
An entity (it does not matter if you employ or not) is entitled to JobKeeper payments for an individual if:
So who is an eligible business participant? You will be an eligible business participant of your entity if you:
Each entity can only have one eligible business participant for the whole duration of the scheme. Once the entity nominates an individual this individual cannot be changed. Choose wisely!
The entity must notify the individual/eligible business participant in writing within 7 days of giving the ATO their details (except for sole traders).
Entities caught by Personal Service Rules (PSI) are not carrying on a business and therefore will not pass the required tests and will not be eligible to apply for the JobKeeper payment scheme.
There are a number of conditions an entity must satisfy before being eligible to receive the JobKeeper payment in addition to the above such as the decline in turnover test. For more information please refer to https://treasury.gov.au/sites/default/files/2020-04/JobKeeper_frequently_asked_questions_2.pdf or our previous blogs https://www.bloomaccounting.com.au/jobkeeper-payment-helping-you-cover-the-cost-of-employee-wages/ and https://www.bloomaccounting.com.au/take-note-employers-you-must-meet-the-wage-condition-to-be-eligible-for-jobkeeper-stimulus/