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Job keeper treatment with 2 jbos

Newbie

Views 220

Replies 1

I am a sole trader, but within fy20/21 I got a quick contract job to balance life expenses
I  am still operating  my business  and I received Jobkeeper (JK) as well throughout FY20/21 as my business income reduced far beyond the 30%.

 

I undertand that my contract will appear under my TFN, but I am not sure how will JK appear .

 

Will it be a separate income (like if I had another contract ) under my TFN or beneath  my ABN (like if I had another customer)?

Although for  the overall/top level consolidated result under my TFN due to JK will be the same ,  the impact on my ABN will be different:

a. If JK consolidates at top level under my TFN, but not related to my ABN, it is highly likely that I will have to register a loss in my ABN.
b. If  JK consolidates under my ABN,  just like if it was another customer,   I will have a profit in FY 20/21.

It seems more logical to have it under my ABN, but I could not find anywhere in the ATO website telling me how to proceed.


Can anyone clarify me that?

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Community Support

Replies 0

Hiya @BAJ,

 

I'm a little bit confused about what you're referring to? If you mean on your income tax return, then your income for a sole trader for your ABN and TFN are all the same. If you're referring to a profit and loss statement, that's not something the ATO can offer advice on, as it is your internal record keeping system. You could turn to a professional bookkeeper or accountant for advice on this type of enquiry.

1 REPLY 1

Most helpful response

ATO Community Support

Replies 0

Hiya @BAJ,

 

I'm a little bit confused about what you're referring to? If you mean on your income tax return, then your income for a sole trader for your ABN and TFN are all the same. If you're referring to a profit and loss statement, that's not something the ATO can offer advice on, as it is your internal record keeping system. You could turn to a professional bookkeeper or accountant for advice on this type of enquiry.