If you are a business owner and your business has experienced a fall in turnover of at least 30%, you may be eligible for the JobKeeper Payment to help cash flow your business expenses.
That is, you may be able to access one $1,500 per fortnight payment in addition to $1,500 per fortnight for eligible employees.
The entity, not the eligible business participant, receives the JobKeeper Payment. The exception is a sole trader, who is both the business entity and an eligible business participant, and so receives the JobKeeper Payment themselves.
Your entity may be eligible for the JobKeeper Payment scheme if you:
Eligible business participants
As a business owner (non-employee individual) you are an eligible business participant of your entity for the fortnight if you meet all of the following:
Eligible business entities
Your entity is eligible if:
Enrol for JobKeeper
Check you and your business meet the eligibility requirements, including the turnover test. The turnover calculation is based on GST turnover. This applies even if an entity is not registered for GST.
When you have worked out that your business is an eligible entity, and you are an eligible business participant, you can to enrol NOW.
If you are a sole trader, you can nominate yourself as the eligible business participant during the online enrolment process.
Either your Tax Agent or BAS Agent can enrol, or you can enrol directly in the Business Portal using myGovID or in ATO online services via myGov.
If you use the Business Portal, you will need a myGovID linked to your ABN in relationship Authorisation Manager (RAM). You can find out how to set this up on the ATO site.
If you are an eligible business participant such as a partner, adult beneficiary of a trust, or a shareholder in or director of a company, you need to complete the Eligible business participant nomination notice (excluding sole traders) to record that you have agreed to be nominated to receive JobKeeper payments through an eligible business.
If you have employees, your employees will need to complete a Jobkeeper employee nomination notice.
Your entity needs to enrol by the end of April for payments in either the fortnights starting 30 March 2020 or 13 April 2020. However, enrolments are open till the end of May if you need more time.
No. Only one claim per individual for JobKeeper payments can be made. An entity cannot claim JobKeeper payments for an individual if there is already a JobKeeper claim being made by another business or employer for that individual.
No. You can only receive the JobKeeper payment once.
No. Only one eligible business participant can be nominated. This means that a business entity must choose which eligible business participant to nominate, and the entity is only entitled to one JobKeeper payment per fortnight.
No. An eligible business participant cannot be an employee (other than a casual employee) of another entity. If the sole trader is both a long term casual employee of another business and also an eligible sole trader, they can choose to either let their employer claim the JobKeeper payments on their behalf, or they can claim as a sole trader, but not both.
We can help
If we act as your Tax Agent, we can assist by reviewing your eligibility and enrolling for Jobkeeper Payment on your behalf.
Even if you are not a client of McSweeney CA, we still welcome any questions you may have as we would be happy to assist you and your businesses in a time of need.
We are always here to help.