Home Forums Money matters Job Keeper is taxable

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  • #1000329
    bb1
    Participant
    • Total posts: 4,485

    Just a note or a reminder that Job Keeper is an assessable income, so don’t go and spend the whole lot as we are being encouraged to, or you could be in for a nasty surprise.

    https://www.ato.gov.au/Newsroom/smallbusiness/Lodging-and-paying/Have-you-received-a-government-payment-or-grant-/?sbnews20200819

    #1223913
    James Millar
    Participant
    • Total posts: 1,703
    bb1, post: 270640, member: 53375 wrote:
    Just a note or a reminder that Job Keeper is an assessable income, so don’t go and spend the whole lot as we are being encouraged to, or you could be in for a nasty surprise.

    https://www.ato.gov.au/Newsroom/smallbusiness/Lodging-and-paying/Have-you-received-a-government-payment-or-grant-/?sbnews20200819

    That’s a good reminder Bert. No doubt many will forget but unfortunately the ATO won’t. Not exactly hard from them to audit given the payments came from their system.

    Helping build better businesses and better lives with expert financial and taxation advice. info@360partners.com.au www.360partners.com.au 03 9005 4900
    #1223914
    jayen
    Member
    • Total posts: 23
    bb1, post: 270640, member: 53375 wrote:
    don’t go and spend the whole lot

    If I spend it on business stuff, then the expenditure is tax deductible, right?

    I live-chatted the ATO the other day (thanks ATO for SBA) and the person I chatted to expected JobKeeper to appear automatically in MyTax. That would have been nice!

    #1223915
    Paul – FS Concierge
    Keymaster
    • Total posts: 3,175
    jayen, post: 270721, member: 54988 wrote:
    If I spend it on business stuff, then the expenditure is tax deductible, right?

    I live-chatted the ATO the other day (thanks ATO for SBA) and the person I chatted to expected JobKeeper to appear automatically in MyTax. That would have been nice!
    The funds you receive are taxable.
    Tax deduction rules apply.

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