Self-Employed Support – JobKeeper Payment

Self-Employed Support – JobKeeper Payment

Over the weekend the has Government provided clarification on the eligibility of the JobKeeper payment for business owners themselves.  A significant number of business owners aren’t paid a salary or wage. They receive income as a partner or by way of a trust distribution or dividends.

According to the updated Treasury Fact Sheet:

“Businesses without employees will be eligible to receive one JobKeeper Payment, and businesses with employees can receive one payment in addition to the payments for their eligible employees. This means that:

• where the business operates through a sole trader structure – one owner can be nominated to receive the JobKeeper Payment;
• where the business operates through a partnership – one partner can be nominated to receive the JobKeeper Payment;
• where the business operates through a company – one director can be nominated to receive the JobKeeper Payment;
• where the business has shareholders who provide labour to the company and receive dividends in lieu of wages – one such shareholder can be nominated to receive the JobKeeper Payment; and
• where the business operates through a trust – one individual beneficiary (that is, not a corporate beneficiary) can be nominated to receive the JobKeeper Payment.”

Businesses will still need to satisfy the other criteria to qualify for the JobKeeper Payment, including the fall in turnover of at least 30% relative to a comparable period (of at least one month) last year.

The Government intends to legislate the JobKeeper Payment this week.  Click on the link below to access the Treasury Fact Sheet.

https://treasury.gov.au/sites/default/files/2020-04/Fact_sheet-Support_for_sole_traders.pdf

Please contact us if you have any questions or need further clarification on your particular situation on 5437 9900.