How Job Keeper affects your tax return?

How Job Keeper affects your Tax Return?

If you are eligible and have requested help from the government you may be liable to tax for the ‘hand out’. If you are unsure please consult your accountant or seek more information on the government ATO website here.

COVID will affect your tax return if you have taken any government support payments this includes:

Individual

Businesses

Below are individual links to each section of the ATO website about COVID related payment plans.

If you wish to seek the direct information for each case and scenario.

General grants or support are taxable and need to be included in your taxable income, in your tax return.

Individual Breakdown:

Pandemic leave disaster payment

This includes payments to individuals that

Self-isolated or quarantined at home and received payment due to not being able to earn an income.

Cared for someone with Covid, and during which they couldn’t earn an income.

Job-Keeper

Payments where given to businesses as substitute for income to the employees, which still a taxable income and needs to be declared when you complete your tax return.

Please consult your accountant or seek more information on the government ATO website here.

Business Breakdown:

For all business and COVID concerns please look at the ATO website for more information.

Or book a consultation with one of our Accountants Today!

Geoff Tax Accounting