This year has been a giant rollercoaster ride for most small business owners. Coronavirus health concerns progressed to financial concerns from forced closures etc, and then (for many) an economic recovery fueled by government stimulus has led to the busiest period they have ever experienced.
A key to survival and the recovery for many businesses was the JobKeeper subsidy. The eligibility criteria back in April were constantly changed and ultimately enabled almost every business to qualify through the seven alternative tests even if their turnover hadn’t declined by 30%.
My personal experience talking to many business owners (that are not clients) is that many did not apply for JobKeeper because they didn’t think they were eligible. And this was supported by statistics recently released for our local area:
Gavin Pearce MP reported that there were 9,700 business in Braddon that would benefit from the new asset write off rules. No doubt many of these would be small businesses and sole operators, but they were all potentially eligible for JobKeeper. The Advocate newspaper reported data from the ATO that the businesses receiving JobKeeper in August included 726 in Devonport, 411 in Burnie and 326 in Ulverstone.
This means that there were thousands of businesses in the Braddon electorate that didn’t receive JobKeeper and I suspect a very high percentage of these could or should have received JobKeeper. A business with 10 full time employees that qualified for JobKeeper in April would have received $195,000 so the amounts missed can be very significant.
We had recent success in backdating a claim for a business owner that was incorrectly advised by their accountant that they were not eligible. Whilst this is only possible in very limited circumstances we are happy to do a quick review if you or any business owner that you know missed out on receiving this benefit.