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On our partnership business received job keeper payment

Newbie

Views 289

Replies 1

Hi ATO Community

2 scenario type of question.

I  have a Partnership business and we have received job keeper payment. If in this financial year we received suppose $6k can we show in our business tax return and pay tax for the amount considering other income & expenses. Not to include our individual tax return shown on our partnership tax return.

 

Our partnership business manages our rental property and income and we received job keeper payment. Income from job keeper payment can include on our rental property and pay tax from thee. 

Many thanks

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Champion

Replies 0

Hi @Aadil23,

 

Thanks for the posting!

 

JobKeeper payments is an assessable income, and if your are claim the payment under the partnership then you don’t need to include it as assessable income in your individual tax return – but you need to report it as part of your business income. Please refer to the Tax time essentials "Ready to Lodge" section for the details.

 

Hope this helps.

 

1 REPLY 1

Most helpful response

Champion

Replies 0

Hi @Aadil23,

 

Thanks for the posting!

 

JobKeeper payments is an assessable income, and if your are claim the payment under the partnership then you don’t need to include it as assessable income in your individual tax return – but you need to report it as part of your business income. Please refer to the Tax time essentials "Ready to Lodge" section for the details.

 

Hope this helps.