Options for Sole Traders

This page is continuously updated. Last Update 4 September 2020. 

On top of these measures, it is important to remember that as a sole trader you are still classified as an employee. So, if you have experienced a significant reduction in business, welfare support is available to help you through these difficult times. 

 

Quick Links:

 

Increased and accelerated income support

Full summary here. 

 

Benefit: 

The government has temporarily expanded the eligibility to income support payments. There will also be a coronavirus supplement of $550 paid per fortnight.  

These changes will apply for the period between 27 April and 31 December 2020.  

 

Am I eligible? 

This supplement will be paid to both existing and new recipients. This includes sole trader, self-employed and contract workers.  

The additional coronavirus supplement will be available for the following welfare categories:  

  1. jobseeker payment 
  2. youth allowance jobseeker 
  3. parenting payment (partnered and single) 
  4. farm household allowance 
  5. special benefit recipients 

 

How to access

Visit the Payment and services website here.

 

Early Access to Superannuation

**The first round of superannuation access, including for temporary residents, closed 30 June 2020** 

Benefit 

Individuals affected by the coronavirus can access up to $10,000 of their superannuation before (1) 30 June 2020, and a further $10,000 (2) between 1 July and 24 September 2020.  

Am I eligible?

To apply for early release, you must satisfy any one or more of the following requirements: 

  1. you’re unemployed, 
  2. you’re eligible to receive welfare payments, 
  3. on or after 1 January 2020 you were made redundant, your working hours were reduced by 20% or more, or you are a sole trader whose business was suspended/ faced a 20% reduction in year-on-year turnover. 

 

How to access

You can apply directly to the Australian Taxation Office (ATO) through the myGov website. You will be able to apply for early release of your superannuation from mid-April 2020.