Job Keeper $1500 Stimulus
– How does this apply to Dive Businesses & Sole Traders?
Thankfully, the Government has come up with a stimulus which can definitely help small business and sole traders to stay alive during the next six (6) months.
Essentially, if your business has registered more than a 30% drop in business, you can register and the ATO will pay $1500 a fortnight for each eligible staff member to keep them employed.
Even independent dive instructors (you may have a few working with or through your stores) may be covered by the new Job Keeper regulations, if they have an ABN and are set up correctly.
Here is a straightforward guide to the JobKeeper $1500 Subsidy:
- $1,500 JobKeeper subsidy to keep staff employed
- Date: From 30 March 2020 for six months
- For employees employed at and from 1 March 2020
- First payments in first week of May 2020
Applies to (Based on comparable periods):
- <$1 bn that have experienced a downturn of more than 30% Employers >$1bn that have experienced a downturn of more than 50%
A subsidy of $1,500 per fortnight per employee, administered by the ATO, will be paid to businesses that have experienced a downturn of more than 30%.
Important: To be a part of the subsidy, employers will need to ensure their employees receive at least $1,500 per fortnight (before tax).
For Eligibility Levels, plus How the Support is Calculated and Provided: Download our document
Registering your Intent
To register – go here
If you have a good accountant, we’d advise you to let them help you but it is possible to manage the process yourself.
Sole traders and the self-employed can register their interest in applying for the JobKeeper payment with the ATO. These businesses will need to provide an ABN for the business, nominate an individual to receive the payment, provide the individual’s TFN and declare their continued eligibility for the payments. Payments will be monthly to the individual’s bank account.
Obviously there will be variables – note also part time employees can be covered on a pro rata basis. We’ve included a few examples in the document to help, but again, a good accountant who knows your business will be better placed to advise.
For the official Government Job Keeper Document : Click here
Tools and links to help:
What you need to know about the $1500 Job Keeper Stimulus: http://www.diveindustry.com.au/wp-content/uploads/2020/04/1500-JobKeeper-Subsidy.pdf
Government Fact Sheet on the Job Keeper Stimulus: http://www.diveindustry.com.au/wp-content/uploads/2020/04/Treasury-JobKeeper-Payment-31.03.20.pdf
If you need any further advice, please contact DIAA on [email protected] and we will do what we can to assist.
Any specific requests or questions you’d like us to address, please contact us and we will research it for you.
Dive Industry Association of Australia