Are you sure you shouldn’t register for JobKeeper? Its not to late.
JobKeeper is a federal government subsidy to support businesses which have suffered a downturn as a result of COVID-19.
Eligibility is usually determined by demonstrating a decline in turnover in March, April or May 2020 compared with the corresponding month in 2019.
There are a number of variations on this basic test, which allow the June 2020 quarter to be compared with the June quarter 2019. In addition, there are a number of alternative tests for businesses which have not been established for twelve months or for which the basic test described above would not provide an accurate picture. This includes businesses which have made acquisitions in the last twelve months, have been impacted by natural disaster or have suffered irregular turnover.
While the subsidy is principally in respect of employees, business owners and related parties can be eligible for the $1,500 benefit in certain circumstances if the business itself is eligible.
You have until 7 May to submit documentation to the Australian Taxation Office in order to qualify for the subsidy in respect of the month of April. You therefore need move quickly but there is time if you engage an experienced business adviser like Daniel Rands who is on top of the complex Rules for assessment, support and completion of the necessary documentation.
To contact Daniel Rands email [email protected]