Sole traders might be wondering how they can enroll for the JobKeeper Covid_19 Stimulas Package, given that you can apply for it from today Monday, 20th April 2020.
Can a Sole Trader apply for the JobKeeper $1500 fortnight as a employee?
Yes, go to this link under Sole Trader Eligibility to find out more!
Do I need to provide quantify that my turnover has dropped to qualify for JobKeeper?
Yes. You need to know if March, or April’s comparable turnover from last financial year is less than 30% to qualify. Pop over to the link embedded on the Treasury.gov.au factsheet to read frequently asked questions.
What if I only just started my business and have no historic financials to satisfy the 30% reduced income rule?
That is a good question, that the government are in the process of organising an alternative test that isn’t available today. Here is the link, keep checking daily to find an answer to that question!
For what period of time will I be paid the $1500 a fortnight?
From 30th March 2020 to the 27th September 2020 at this point in time.
Sole Traders can apply for JobKeeper from today the 20th April 2020 to 30th April 202o, you can either login to your personal myGov or you can do so via your business portal via myGovID.
Just remember that you will not automatically as soon as your are informed you are eligible. It will not be until the first week of May 2020 that the payments will end up in your account. The good news, is that the payments will be backdated from 30th March 2020.
There are a number of obligations that you will need to provide on a monthly basis to continue eligible for the JobKeeper payment.
To find out more, please click over to the following links listed below for your convenience.
Amanda Hoffmann is a registered BAS Agent No.18613005, Associate of Finance, Xero & Myob Certified Consultant, a Queensland’s Quickbooks Trainer and works with the ATO on their advisory boards.
She says she is more than just a bookkeeper with experience in real estate investing, social media, podcasting, public speaking and blogging.
Amanda would love to train you to use accounting software, if you need help fixing a messy account or general assistance with automating your administrative duties to save time and money.
BAS Agent and Bookkeeping