The Prime Minister has unveiled his third and largest stimulus package to help up to 6 million workers, known as the JobKeeper payment. The flat payment of $1,500 per fortnight will be paid to businesses (companies, trusts, partnerships and sole traders) to pass on to their eligible employees. To qualify, businesses with a turnover of less than $1 billion, must show a 30% or more reduction in revenue compared to the same period in the previous year, and businesses with a turnover of more than $1 billion, must show a 50% or more reduction in revenue compared to the same period in the previous year.
Eligible businesses need to register their intentions on the below ATO website.
https://www.ato.gov.au/general/gen/JobKeeper-payment/
Self-employed example
Ann is a sole trader running a hairdressing business (she doesn’t have any employees). Ann has been in business for a few years and due to the effects of COVID-19, the business revenue has decreased by more than 30% compared to the same period in the previous financial year. Ann will be able to apply for the JobKeeper payment and will receive $1,500 per fortnight before tax, paid on a monthly basis.