Business Tax Tips – Is JobKeeper GST free, in GST turnover and taxable income?


Business Tax Tips – Is JobKeeper GST free, in GST turnover and taxable income?
Is JobKeeper GST free, in GST turnover and taxable income?

“Is JobKeeper GST free, included in GST turnover and taxable income?” is often asked. Jobkeeper (JK) is a subsidy to businesses with employees and PAYG obligations, to support business payroll costs to help them survive the downturn of COVID-19.

Direct answers from the ATO (Aust. Tax Office) are the best advice –

Not Subject to GST

JobKeeper payments are not subject to GST and are not required to be reported on your BAS. See  ATO community

Is JK included in the G1 GST turnover of the BAS?

No, don’t include in any part of your BAS, as the ATO staff say on the community confirms that the JobKeeper payment is not required to be reported on your activity statement.

Is JK assessable income – business / sole trader?

Partnerships, trust and companiem – the JobKeeper payments are considered assessable income for the business or individual receiving the payments. The assessable income will need to be reported in the relevant financial year’s income tax return.

Sole traders – as a sole trader they will need to be included on your personal income tax return.

Get a FREE 30 min answer to your query and FREE ongoing email or phone support – No-one offers as much!

Or ask a question – Email info@accountkeepingplus.com.au or call 0407 361 596 Australia

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this:
search previous next tag category expand menu location phone mail time cart zoom edit close