JobKeeper Eligibility Changed to Include More Businesses
The Treasury has announced an amendment to the JobKeeper eligibility requirements, allowing the Commissioner of Taxation the deciding power over who is eligible where the reduction in turnover test does not apply.
The $130 billion program announced on 30 March stated businesses must prove a 30 percent fall in revenue for businesses with turnover below $1 billion and 50 percent for those with turnover higher than $1 billion.
With such clear requirements, many businesses expressed concerns of missing out, for reasons such as the last financial year’s turnover not representing ‘normal’ performance and new business owners also not being eligible.
The update will allow the tax commissioner discretion to make the final call on eligibility.
Businesses may provide additional information to prove they have been negatively affected by COVID-19, and alternative measures of testing may be issued in some circumstances.
This will be of particular assistance to businesses who have not operated for a full year, not for profit and those who have employees through a related service entity.
The treasury has not yet announced when businesses will be able to seek the commissioner’s discretion at time of publication.
Want to know more?
Government stimulus schemes are constantly changing. To help keep you up to date we have created a one-stop page for tools and information here.
Below are some articles that may interest you:
- Government Stimulus Package for Business
- Government Stimulus Package for Individuals
- Australian Tax Office Relief
Modoras remains commited to assisting our clients in making the most of the stimulus initiatives and help build a resilient business. Book an appointment with a Modoras professional here.
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