Good news for trusts!!
The ATO has confirmed that the following will be eligible to claim the JobKeeper payment of $1500 per fortnight:
- Beneficiary of a Trust (one per Trust)
- Partner in a partnership (one per partnership)
- Sole trader
- Shareholder or Director in a company (if not already employee)
This only applies if there has been a 30% drop in GST Turnover
To work out your fall in turnover, you can compare either:
- GST turnover for March 2020 with GST turnover for March 2019
- projected GST turnover for April 2020 with GST turnover for April 2019
- projected GST turnover for the quarter starting April 2020 with GST turnover for the quarter starting April 2019.
Please see other conditions on this link https://www.ato.gov.au/General/JobKeeper-Payment/Sole-traders-and-other-entities/
Please do not hesitate to contact us to discuss any of the above.