JOBKEEPER – Law passed and still waiting

I am disappointed. I seriously thought about just writing those 3 words and pressing publish but then everyone would think I had actually gone crazy from my sleep deprivation (which is only slightly truthful.)

Here’s where we are at. Last night, the Bill to implement the $130b JobKeeper package was passed which I originally wrote about here and here. I should be excited but instead, all I feel is uncertainty about how the JobKeeper package is actually going to be implemented. I expect we will receive further information from the ATO now that the bill has received royal assent. Patience is a virtue right?

However, there have been some further explanations regarding who will be able to access the JobKeeper payments. I originally wrote about all business entity types being eligible including sole traders and other self employed people including those in partnerships and trusts. While the scheme is expected to be administered through the ATO and tracked through single touch payroll, we know that many self employed people do not pay themselves as traditional employees and instead takes owners drawings etc. For these people, there will be a different monthly reporting system however again, the exact details are still unknown at this time.

Sole Traders: Must meet the general eligibility criteria and additionally be “actively engaged” in their business.

Partnerships: Same as sole traders and only one partner will be able to receive JobKeeper along with any other eligible employees.

Trusts: Same as sole traders and only one individual beneficiary will be able to receive JobKeeper, along with with other eligible employees.

Companies: Same as sole traders and only one person in a director capacity can receive the JobKeeper payment.

It’s not too late to register your interest, the ATO will contact you to confirm you have registered and then you along with the 750,000 (reported by ABC) other businesses will be advised what to do next when they know what is going on.

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