Here is what the sole traders need to know about JobKeeper 2.0 - Accounts NextGen

Here is what the sole traders need to know about JobKeeper 2.0

Here is what the sole traders need to know about JobKeeper 2.0

It’s been a while since the introduction of the government scheme called JobKeeper to keep the working-class people of Australia employed. But recently some modifications were introduced in this scheme to make it more convenient and accessible for the people who need it the most. In any moment like this, the sole traders are in a state of panic as they don’t know where to find the most relevant and authentic information about this refreshed scheme. As the people are already aware of the strict rules of the department for tax return Melbourne, they need to be updated about the latest information to avoid any trouble. You don’t have to worry much about it as we bring to you the most relevant information about it in this blog.

These changes will come into effect from September 28, 2020, in order to make this scheme more suitable for the sole traders. Later sections of this blog will provide you all the essential information about the changes made if you are a sole trader.

The following updates have been made in JobKeeper 2.0:

  1. Who is eligible for JobKeeper 2.0?
  • You have to keep in mind that only those persons are referred as sole traders who run the business not those who are working in that businessman.
  • As of the regulations mentioned in the new scheme, from 28 September 2020, any business that has seen a drop in their turnover is eligible for this as well as all the future versions of this scheme.
  • In case, you meet all the criteria except for a few, then there is no need to worry. Because there is a way that enables the Commissioner to exercise his power of discretion. In that case, you may get some additional time to gather all the other documents for eligibility. You should appeal to the commissioner for this opportunity.
  • Only those businesses will be eligible for this scheme who meet the eligibility criteria described in the new scheme.
  • In case you have any difficulty in any of these processes, the department for online tax return Melbourne is always there to help you.
  1. What can one do if he/she is not available on the specified date for qualification due to sickness or injury?
  • If you have missed the specified date for qualification, there are some special arrangements for you. Go to the page of the Coronavirus Economic Response Package. On this page, you should read the Sole Trader or Small Partnership with Sickness, Injury or leave.
  1. How much money will I get from JobKeeper 2.0?
  • There are different tiers that have been made under this program. How much money you are going to get from this scheme depends on the tier for which you have qualified. As the situation has become so harsh for business owners that they doubt whether they will be able to gather enough money enough for individual tax return, they are constantly asking about the amount of money they are going to get from this scheme. For more information, you should go to the JobKeeper payments section on the official website of ATO.
  • Broadly speaking, if you are a sole trader and you have worked for less than 20 hours a week in the last four weeks before 1 March 2020, you will qualify for the lower tier of JobKeeper. And, in case you have worked for more than 20 hours a week before 1 March 2020, you now qualify for the higher tier of payment of the JobKeeper scheme.
  • Take a look at the payments plan for the higher and lower tier of JobKeeper:

Lower tier:

  • $650/fortnight from 4 January 2021 to 28 March 2021.
  • $750/fortnight from 28 September 2020 to 3 January 2021.
  • $1500/fortnight until 27 September 2020.

Higher tier:

  • $1000/fortnight from 4 January to 28 March 2021
  • $1200/fortnight from 28 September 2020 to 3 January 2021
  • $1500/fortnight from until 27 September 2020.
  • There are some discretions over the eligibility hours for this scheme. These discretions are valid for those who have either volunteered in the bushfires or they were unable to work because of the restrictions put due to COVID-19.
  1. What about the new employees arriving in your business:
  • No any employee is eligible for this scheme if he has joined your business after 1 July 2020.
  1. Guidelines about the Advance payment of JobKeeper amount:
  • There have been several appeals from the sole traders about the cash flow demands of this scheme. The government reimburses the money in arrears even in the new system.
  1. What can one do if he is seeing a decline in the turnover after March 1?
  • There may be some instances where someone’s business had started declining after March 1, 2020. So, in the new scheme, a way has been designed that enables them to enroll for JobKeeper 2.0.

The Australian government is trying its best to make the business owners capable of coping with this situation. They are introducing new schemes. Such a situation has challenged the people working under the governmental department. That is why the government is always looking for officers who are recruited after giving them the best tax training. That enables them to work under any situation.

Conclusion:

In any matter associated with economy and tax, Accounts NextGen is always there to provide you authentic information about the situation going.

Our Offices

Dockland Office
Level 10,
401 docklands drive
Docklands, VIC 3008

(03) 9015 8540

View on Map

Melbourne Office
Level 19,
180 Lonsdale Street
Melbourne, VIC 3000

(03) 9015 8540

View on Map

Sydney Office
Level 20 & 21 tower 2 Darling Park ,
201 Sussex St, Sydney NSW 2000

(02) 8973 7505

View on Map

Brisbane Office
Level 27,
480 Queen St
Brisbane, QLD 4000

(07) 3011 6316

View on Map

Geelong Office
73 Malop Street Geelong VIC 3320

(03) 52982000

View on Map

Adelaide Office
Level 21,
25 Grenfell Street,
Adelaide, SA 5000

(08) 8423 4554

View on Map

Perth Office
The Forest Centre,
Level 29 & 30,
221 St George's Terrace,
Perth, WA 6000

(08)9288 0603

View on Map

Available 24/7
1300 NXTGEN (698 436)

Emails
info@accountsnextgen.com.au

Translate »
Book Appointment