JOBKEEPER & SOLE TRADER TAX RETURN

[PulseTax]

Hi I would like to confirm where in an individual tax return for a Sole Trader should the JobKeeper Income be declared?

Under which Item?

Should it be a part of the business schedule?

Or any other item for example Item 24 V etc?

Lan

[Steven_M]

Hi @PulseTax 

Sorry to see that no one has offered assistance with your query.

I would recommend speaking to the ATO or a tax accountant in regards to what is required to be reported for that. Although, the following section on the ATO site: Sole traders may be able to offer assistance with that.

JobKeeper and your tax return

If you are a sole trader who has received JobKeeper payments, you need to include them as business income in your individual tax return. Include the amounts paid to you at the label 'Assessable government industry payments'.

If you have any employees, JobKeeper payments are treated the same as their usual salary or wages from their employer. It will be included in their income statement as either salary and wages or as an allowance, depending on their circumstances. If they self-prepare their tax return, we will automatically include this information once their income statement is finalised. For most people this will occur by the end of July. A registered BAS or tax agent will also have access to this information to complete their client’s tax returns.

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