JobKeeper payments are taxable, so you need to include them in your tax return.
If you’re a sole trader, partnership, company or trust that’s received JobKeeper payments, we’ll contact you or your registered tax agent by early July to let you know:
-
the total amount of JobKeeper payments your entity received since 1 July 2020, or where you can find out
-
where to report JobKeeper payments in your tax return.
From early July, sole traders who’ve received JobKeeper payments for themselves and any eligible employees will also be able to find the total amount of JobKeeper payments they’ve received through Online services for business and myTax. Their registered tax agent will also get this information.
The amount will be provided as ‘information only’ and will not be mapped to a label.
Here are some important points about including JobKeeper payments in your return:
-
You don’t need to include any JobKeeper payments that you’ve already repaid (or are repaying to us) in your return.
-
You should review and cross-check the payment amounts against your own records to make sure they’re accurate.
We can help you with your tax, call us on 07 55 809 489 today.
Source: ATO June 2021
Reproduced with the permission of the Australian Tax Office. This article was originally published on https://www.ato.gov.au/Newsroom/smallbusiness/General/Did-you-receive-JobKeeper-this-financial-year-/.
Important:
This provides general information and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, we do not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.
Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.
