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Business changed from partnership to sole trader

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Newbie

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Hi,
Thank you for reading and answering my question. I have a question in regards to the jobkeeper payment: My partner and I had changed our business form from partnership into two seperate sole traders after we did the 2018-2019 tax return in July 2019. But the businesses remained the same, it was just the business form that was changed. I read one of the criteria to apply for the jobkeeper payment as a sole trader is to provide last year’s tax return for the business. Now obviously we won’t have individual tax return as a sole trader for the year 2018-2019 because we were still registered as partnership back then. So this makes me wonder if we can use last year’s tax return from the partnership to apply for this year’s sole trader jobkeeper payment?
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Hi @GraceHuang1234 

Thanks for contacting our Community.

As the business structure has changed in the last financial year, you would be able to apply the alternative turnover test to determine decline in income and apply as sole traders, if you both meet the eligibility guidelines.

I hope this helps, SueO

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Best answer

Community Support

Replies 2

Hi @GraceHuang1234 

Thanks for contacting our Community.

As the business structure has changed in the last financial year, you would be able to apply the alternative turnover test to determine decline in income and apply as sole traders, if you both meet the eligibility guidelines.

I hope this helps, SueO

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Newbie

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Hi SueO,

Thank you so much for answering my question! I have another question I wish you could help as well: when I enrolled for jobkeeper I accidentally clicked yes for the option to apply wage subsidy as a sole trader. Now wish to amend it but I don’t know how? Do I have to call ATO to make the change?
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Community Support

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HI @GraceHuang1234,

 

Apologies for the delay in replying to your follow up question. I am not sure if you have already received and answer and rectified the error.

 

You will need to phone us to correct the errors. Our call centres are very busy at the moment, however we have extended our hours of operation and I would recommend calling outside of the core business hours.

 

Good luck with everything and thanks for your patience, SueO