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August 18, 2020 at 10:14 pm #1000329Up::0
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.
August 20, 2020 at 11:12 am #1223913Up::0bb1, 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.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. [email protected] www.360partners.com.au 03 9005 4900August 28, 2020 at 8:48 am #1223914Up::0bb1, post: 270640, member: 53375 wrote:don’t go and spend the whole lotIf 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!
August 28, 2020 at 9:05 am #1223915Up::0jayen, 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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