To be eligible for the $1,000 non-employing “sole trader” grant, your business will need to satisfy the following eligibility criteria:
1. You are an individual operating as a sole trader (this includes businesses operating through a company, trust or partnership structure).
The grant will be available to all operating structures (not just sole traders). The description of the grant a “sole trader” grant is misleading as the grant extends to all operating structures.
2. You do not employ staff
3. You are registered for GST
4. You have a principal place of business in Queensland
5. Your business was based and trading in Queensland on 31 July 2021
6. The owners/directors/partners/trustees are not insolvent or an undischarged bankrupt
7. You have a turnover of more than $75,000 for any of the 2018/19, 2019/20 or 2020/21 financial years.
If you have not been trading for a full financial year – you need to be able to prove that you would reasonably meet this turnover for the 2021/22 financial year.
8. You had to stop operating or had limited operations because of a Queensland lockdown event, or you have been affected by a Queensland lockdown event.
9. You had a reduction in turnover of 30% or more during a nominated 7 day period.
This is a 7 day period that includes at least one lockdown day. It must be compared to the same period from 2019. However, if your business was not trading in 2019, or the 2019 period does not reflect your typical weekly turnover, you may use another comparable 7-day period.
You will be ineligible for the grant if:
- Your application details cannot be verified by 30 November 2021;
- Your income is solely rent from rental properties, interest on investments or dividends;
- You received an Australian Government COVID-19 disaster payment; or
- You have received or are eligible for another COVID-19 business support grant.
You will need to apply for the Grant via the QGrants website: https://qgrants.osr.qld.gov.au/appl_direct?program=0050560103891EEC82A959B17EB77A92
While applications close on 30 November 2021, only grants that can be verified by 30 November 2021 will receive grant funds. If you consider that it may take a few days for your information to be verified, you will need to lodge your application prior to 30 November 2021.
For more information, go to the Business Queensland website: https://www.business.qld.gov.au/starting-business/advice-support/grants/covid19-support-grants
DISCLAIMER: The information in this article is general in nature and is not a substitute for professional advice. Accordingly, neither TJN Accountants nor any member or employee of TJN Accountants accepts any responsibility for any loss, however caused, as a result of reliance on this general information. We recommend that our formal advice be sought before acting in any of the areas. The article is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our consent.
Jeanette has over 20 years experience as an accountant in public practice. She is a Chartered Accountant, registered tax agent and accredited SMSF Association advisor. When she is not helping business owners grow their empires, you will likely find her out running on the trails or lifting weights in her local CrossFit gym. Book in to see Jeanette today.