Run a business as a sole trader or through a company or trust – and don’t pay yourself a salary?
If you run a business as a sole trader or through a company or a trust, and don’t pay yourself a salary or wage, then it appears that you may only be able to nominate one ‘principal’ as an eligible employee.
The ‘principal’ must be:
- the sole trader individual
- a director or shareholder of the company
- an adult beneficiary of the trust
- a partner in the partnership
There could be some complications to this if you have a unit trust or a beneficiary that is not an adult person. More information will be forthcoming on these specifics once the applications are open. In the meantime, the general eligibility requirements are explained with some ATO examples.
