How the self-employed can get the government’s $1500 a fortnight payment

Along with help for people who have lost their jobs, the government is also paying cash to the self-employed whose incomes have dropped because of the coronavirus crisis.

Along with help for people who have lost their jobs, the government is also paying cash to the self-employed whose incomes have dropped because of the coronavirus crisis. Sole traders and other self-employed people are also entitled to the $1500 a fortnight payment if they have suffered a 30% decline in their income. The payment is also available to trusts, partnerships and companies operated by directors. Payments start from the fortnight beginning 30 March (with the first payment to be made in early May) and run until September 27.

Who can receive it?

The JobKeeper payment is open to businesses whose turnovers have dropped by 30% or more. There are three different ways you can calculate the fall for the ATO, which is running the scheme:

  • GST turnover for March 2020 with GST turnover for March 2019
  • Projected GST turnover for April 2020 with GST turnover for April 2019
  • Projected GST turnover for the quarter starting April 2020 with GST turnover for the quarter starting April 2019 Gavin Debono, Executive Director of Private Business and Family Advisory at Pitcher Partners Accountants, says it’s important business owners have their Business Activity Statement lodgements up to date so they show a decline. Debono noted that business owners need to ensure their BAS is filled out correctly, as different types of income recorded in the wrong category can make the current income look higher, potentially meaning the 30% decline may not show up. If you need help or advice on how to lodge, visit the Australian Taxation Office’s BAS Page or speak to a registered tax or BAS agent who can lodge, vary and pay on your behalf. If for some reason you don’t have such a big decline in income (such as your business wasn’t operating last year or had a bad 2019 because of drought) but are still affected by the coronavirus, the ATO will consider your situation on a case-by-case basis.

Only one owner per business and tax payable

Importantly, only one owner from each business entity is entitled to the payment. For example, with a company operated by two directors, only one would be entitled to the payment. However, Debono notes the other business owner might be entitled to the government’s JobSeeker payment if their income has dropped sharply or they have lost their employment. (Hyperlink to the earlier article.) Recipients should also know that they will have to pay tax on the JobKeeper payment, just like any other income. Applications are open from 20 April and can be made HERE.

What else can you do?

UNO expert mortgage broker Amanda Denham suggests that talking to your existing lender and negotiating a cheaper rate on your home loan might make all the difference in helping you stay on top of your finances. At UNO we offer this service free of charge, so reach out to one of our brokers today if you would like help from us as we can contact your bank on your behalf. Many lenders are currently offering generous cashbacks and in combination with a lower interest rate, this might just be enough to help ensure you don’t fall behind on your home loan costs for the next few months. If your home loan comparison rate doesn’t start with a 2, you may be able to get a better deal by shopping around. Check out our loanScore tool. It’s a quick and easy way to see if there is a better home loan rate available and if you could be saving money. Book in a quick call with our customer care teamBook a call in with UNO

5 stars for our service reviews from clients

Book Call Now

UNO home loans

Try Plans, by UNO
Mortgage calculators completely reimagined
Get Started
Considering a purchase or refinance?

Try Plans by UNO

Mortgage calculators completely reimagined
Get Started
☎️ 🚫 No cold call promise

Related Articles

TESTIMONIALS

What our customers are saying

Matt Carter
May 21, 2025
5 stars for our service reviews from clients
Paul from Uno has been amazing. Made it so easy! Highly recommend and made the finance process much more enjoyable experience for us.
Read more
Timothy Semsarian
May 17, 2025
5 stars for our service reviews from clients
UNO went above and beyond to help my wife and I with our home loan and settlement. Couldn’t recommend them enough - Jake Wood was an absolute legend! Kept us informed during the whole process and was very thorough with his work, even with a very tight timeframe. Thank you again for all your help, and looking forward to continue using your services!
Read more
Patti Jo Mogensen
May 16, 2025
5 stars for our service reviews from clients
100% Rockstar. We found Paul and Uno Home Loans from recommendations from people who had used his services. We know understand why he comes so highly recommended. We definitely put Paul and his team under pressure due to an oversight our end which meant that he had to don his superman cape and work miracles for us. We didn't appreciate the very very short window we created for ourselves (think less than two weeks for settlement). Paul was able to wave his magic wand, come up with multiple solutions to our situation and make it all happen seamlessly. It goes without saying then, without reservation that we recommend Paul and his team as our trusted mortgage advisor! Thanks again Paul. *****The limoncello is on route we promise :)
Read more
Lani Wards
May 13, 2025
5 stars for our service reviews from clients
Paul Davey worked very hard to get us the mortgage we required for our investment property. He is knowledgeable and approachable. Thanks Paul!
Read more
Michael Badham
May 13, 2025
5 stars for our service reviews from clients
Our entire process with Uno went very well. We had a unique set of requirements for our loan and our super friendly broker Mike Parsons managed to secure us the perfect outcome. Mike also worked above and beyond our expectations to make sure the whole process of completing the documentation of switching banks went smoothly.
Read more
Vanessa Koster
May 13, 2025
5 stars for our service reviews from clients
The service recieved from Paul was fantastic. He made the whole process stress free & easy. We started the process from NZ & Paul had everything ready for approval as soon as we landed in Aus. I would highly recommend Paul if you require a mortgage. You won't be dissapointed.
Read more
Peta Hemmings
May 13, 2025
5 stars for our service reviews from clients
Paul has been amazing throughout our entire home loan process, we have recommended him to many of our family and friends. He has been extremely helpful and professional right from the beginning.
Read more
Ryan Whittle
May 12, 2025
5 stars for our service reviews from clients
Highly recommended, Paul and his team made the process very streamlined delivering the best possible results.
Read more
Tiana Perez
May 10, 2025
5 stars for our service reviews from clients
Paul and Dalby were incredible to deal with, from the first interaction with Paul a few months prior, to getting approval to purchase, through to the last minute helping us with the final settlement details. Their communication was second to none and they truly went the extra mile. Paul managed to get us more borrowing power than dealing with the bank directly. I couldn't recommend Paul and his team enough. Paul and Dalby, thank you so much for putting hours and hours of work into our application. We really appreciate it!
Read more
Nicholas Violaris
April 14, 2025
5 stars for our service reviews from clients
Can not recommend UNO Home Loans enough, Scott Wilkinson and his team have helped us get a home loan in no time and they have been a breeze to deal with, great job guys, looking forward to working together more in the future
Read more
Lahnie Cooper
March 26, 2025
5 stars for our service reviews from clients
Jake Wood was a pleasure to work with and made this process extremely easy for me! I highly recommend Jake and the team at Uno.
Read more
Daniel Demosthenous
March 18, 2025
5 stars for our service reviews from clients
The team at UNO were absolutely fantastic at helping me set up and organise my new property purchase, Andrew answered all my questions promptly and went over and beyond to reassure me at any stage with his abundance of knowledge of the matter, also a big thank you to Dalby and Jena for helping with the process as well.
Read more