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Business Tax Tip – JobKeeper – Is it GST free, in the GST turnover and is it taxable income?

images/Business Tax Tips.PNG"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 companies - 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.

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

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