A COVID-19 TIP FROM MR TAXMAN #13

Apr 14, 2020

Businesses in the form of a company, trust or partnership can qualify for JobKeeper payments where a business owner (a shareholder, adult beneficiary or partner) is actively engaged in the business, or a director is actively engaged in the business but may not necessarily been on the formal payroll. Subject of course to meeting >30% reduction in turnover requirements.

This is limited to ONE entitlement for each entity even if there are multiple business owners or participants.

The Australian Taxation Office will provide more information soon about the eligibility of these businesses for the JobKeeper payment but I would encourage pre-registration today & formal application next week.

 

Tags: Accountant MelbourneAccountant SydneyBusinessCoronavirusCOVID-19EmployersJobKeeperSmall Business

Author: Mr Taxman, Dr Adrian Raftery

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