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:
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the total amount of JobKeeper payments your entity received since 1 July 2020, or where you can find out
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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:
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You don’t need to include any JobKeeper payments that you’ve already repaid (or are repaying to us) in your return.
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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 5536 5166 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-/.
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