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Re: Is JobKeeper included as income turnover for monthly reporting? Surely not?

Enthusiast

Views 13418

Replies 6

Asking specifically here as non GST sole trader but also helpful to know how business reports JobKeeper.

I undersand JobKeeper is a gross payment, and in some cases double dipped by ATO on both company tax and then PAYG income tax.

 

However that isn't the same as actually reporting JobKeeper as income turnover. Its not income, its a supplement to support business make payroll/sole traders mange with reduced income.

 

So assuming that turnover monthly check points report actual genuine business income not JobKepper payments? Including JobKeeper clearly creates a false positive for ongoing eligability and of course 2020|2021 super access.

 

ATO can you please clarify???

I think people are trying to do the right thing but theres basic stuff like this & alternative testing missing for many of us and after hanging on for over 10 weeks now we are just out of time except to do the best we can with limited informatoin we have.

 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Former Community Support

Replies 5

Hi @KyVanD 

 

That is correct that gross amounts of the JobKeeper payment are assessable income in your tax return. However, it is not subject to GST. https://www.ato.gov.au/General/JobKeeper-Payment/Payment-rates/Paying-your-eligible-employees/#Taxco...

 

However, to clarify your question, which is in regards to the on-going monthly reporting whilst in the JobKeeper scheme, you only need to report 'what would be' the GST turnover (even if you aren't registered for GST) - So in your case, this does not include the JobKeeper payments as they are not subject to GST. You would only need to report the your current and projected sales for that month.

https://www.ato.gov.au/general/jobkeeper-payment/In-detail/JobKeeper-guide---employers-reporting-thr...

 

I hope that clarifies your query

 

Ray

 

6 REPLIES 6

Most helpful response

Former Community Support

Replies 5

Hi @KyVanD 

 

That is correct that gross amounts of the JobKeeper payment are assessable income in your tax return. However, it is not subject to GST. https://www.ato.gov.au/General/JobKeeper-Payment/Payment-rates/Paying-your-eligible-employees/#Taxco...

 

However, to clarify your question, which is in regards to the on-going monthly reporting whilst in the JobKeeper scheme, you only need to report 'what would be' the GST turnover (even if you aren't registered for GST) - So in your case, this does not include the JobKeeper payments as they are not subject to GST. You would only need to report the your current and projected sales for that month.

https://www.ato.gov.au/general/jobkeeper-payment/In-detail/JobKeeper-guide---employers-reporting-thr...

 

I hope that clarifies your query

 

Ray

 

Enthusiast

Replies 0

Hey Ray.

Thanks for such a fast reply, you guys must be working at a manic pace in at the ATO at the moment!

I think though that is a great sign as many people trying to do the right thing humbly grateful to accept help through this time.

Yep.  I think that is clear as mud.

Monthly turnover actuals and projections excluding JobKeeper taxable income.

Cheers!

 

Newbie

Replies 1

Hi Raymond

If I have included jobkeeper payments in my monthly reporting can this be altered when submitting quarterly figures for the new reduced jobkeeper payment that starts 28th September?

Champion

Replies 0

Hi @Busowner,

 

Thank you for your question.

 

If you made any mistakes in the monthly declaration form, please call us through business line then we able to access your record to fix the error for you. Also, if you are registered with GST you can declare your correct quarterly income through your business activity statements.

 

Hope this helps.

I'm new

Replies 1

Just to clarify. Jobkeeper payments are not included in the monthly income declarations for Jobkeeper payments?

 

Yes or No.

ATO Community Support

Replies 0

Hi @christopher555,

 

When calculating your current GST turnover, JobKeeper payments are explicitly excluded. This applies for your turnover test and monthly turnover declarations.

 

Do not declare your JobKeeper payments in your turnover in the monthly declarations for JobKeeper.