Home Forums Money matters Job Keeper is taxable

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  • #1000329
    bb1
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    • Total posts: 4,472

    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
    JamesMillar
    Participant
    • Total posts: 1,675
    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.

    #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
    Moderator
    • Total posts: 3,117
    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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