You may be eligible to receive the JobKeeper Payment if your turnover has been reduced because of the coronavirus. Following registration by the eligible business, the Government will provide $1,500 per fortnight per eligible employee for a maximum of 6 months.
The JobKeeper Payment is available to eligible employers, businesses including companies, partnerships, trusts and sole traders, not-for-profits and charities.
The intent of the JobKeeper Payment is to enable any eligible self-employed person get a wage subsidy regardless of what business structure they use, where:
the partners in a partnership only receive a share of profits – one partner can be nominated to receive it
directors of a company only receive dividends – one direct can be nominated to receive it
beneficiaries of a trust only receive distributions – one individual beneficiary (i.e. not a corporate beneficiary) can be nominated to receive it
Under normal circumstances, individual assets less than $30,000 are eligible for the instant asset write off. The Government has lifted this threshold to $150,000 for assets that are either installed or ready for first use by 30 June 2020.
A time limited 15 month investment incentive (through to 30 June 2021) to support business investment and economic growth over the short term, by accelerating depreciation deductions. Businesses with a turnover of less than $500 million will be able to deduct 50 per cent of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset’s cost.
The Government is temporarily expanding eligibility to income support payments and establishing a new, time-limited Coronavirus supplement to be paid at a rate of $550 per fortnight. This supplement will be paid to both existing and new recipients of the eligible payment categories. These changes will apply for the next six months.
This will provide businesses with funding to meet immediate cash flow needs, by further enhancing lenders’ willingness and ability to provide credit. Businesses with a turnover of up to $50 million will be eligible to receive these loans.
Source: Support available for sole traders | business.gov.au (2020). Available at: https://www.business.gov.au/risk-management/emergency-management/coronavirus-information-and-support-for-business/support-available-for-sole-traders