If you are carrying on a business as a sole trader, partnership, trust or company, you are eligible if:
- The business was carried on in Australia at 1 March 2020
- It satisfies the fall in turnover test for the relevant period (30% fall for turnover less than $1 billion)
- It satisfied these conditions as at 12 March 2020:
- It has an ABN; and
- It has lodged at least one of:
- 2019 FY Income Tax Return showing it has an amount included in assessable income from carrying on a business (Labels 14 and 15)
- An activity statement or GST return for any tax period that started after 1 July 2018 and ended before 12 March 2020 showing it made a taxable, GST-free or input-taxed sale
*Note: a discretion to give further time after 12 March 2020 may apply in limited circumstances – more information to come from the ATO about this.
AND ALSO MEET THE STANDARD ELIGIBILTY REQUIREMENTS:
- Aged 16 years or older at 1 March 2020
- Australian resident, the holder of a permanent visa or a Special Category (Subclass 444) Visa Holder as at 1 March 2020
- Not in receipt of parental leave pay from the government or in receipt of worker’s compensation payments in respect of a total incapacity for work
You are ineligible if:
- You are an employee (other than a casual employee) of another entity
- You are an individual who has entered bankruptcy
HOW TO ENROL:
You can enrol for the business participation entitlement from 20 April 2020 using an online form which will be available on the ATO website.
Your entity needs to enrol by the end of April for payments in the fortnights beginning 30 March and 13 April 2020.
After you enrol, there will be other notification conditions which you will need to meet. More information will be available soon from the ATO.
In these challenging times, it is important that you seek advice if needed and should you have queries about the new tax measures and how they impact you, we can be reached here.
