We have been seeking clarification on the JobKeeper 30% income reduction and its impact on farmers over the past few weeks.
Originally the information was that income had to be down over 30% due to COVID-19 or the economy.
We had confirmation yesterday in a webinar with the Deputy Commissioner of the ATO, that they will assess on the turnover dollars not the reason why. Therefore a loss of production this year (wool price drop or frost on grapes) may apply.
If your income/turnover was down 30% across your entire business compared to last year (i.e. wool or grapes hit by frost may only be a portion of your total farm income) for the month of March, or the month of April and this will impact your total turnover, then you are likely to be eligible, and can register via the ATO website.
You may be eligible to receive this Government handout, but it is resulting from normal primary production risks, not through the impact of COVID-19. It is certainly an area that you need to consider your own personal approach to this potential benefit.
We can assist you in registering for JobKeeper if needed, simply contact your Murray Nankivell adviser directly, or enquire here and we will follow you up.
If you are on Xero you may also find our recent webinar on how to set up your Xero file for JobKeeper handy.