We have some great news for small business owners and some positive changes to the government’s original announcements.
Originally the government came out with a stimulus package around PAYG withholding tax which resulted in a lot of small business owners slipping through the cracks and unable pick up some of that cash boost.
The Job Keeper incentive is picking those small businesses up and giving them $1,500 a fortnight. To be eligible, your business needs to drop by more than 30% and this incentive applies to the 6 month period between the 1 April and 30 September 2020.
This applies to partnerships (one partner only), sole traders, trust (one beneficiary only) and companies (one shareholder only) that are in business but a separate form must be completed as it is not done through your normal wages and PAYG withholding tax for this particular part of JobKeeper. Usually the business owner is the one who slips through the cracks, but once again, in this case the business owner can apply, but you do need to submit a separate form.
It is a little complicated, however assistance is out there so if you have any questions please contact us.