Options for Sole Traders

This page is continuously updated. Last Update 26 March 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 next six months. 

 

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

The payments will commence from 27 April 2020 

 

Early Access to Superannuation

Full summary here. 

Benefit 

Individuals affected by the coronavirus can access up to $10,000 of their superannuation in 2019-20 (to 30 June 2020) and a further $10,000 in 2020-21 (to 30 June 2021). 

 

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.