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Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
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Re: JobKeeper June 2020 received after 30 June 2020, this should be taxable income in 20/21or19/2...

Newbie

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Replies 2

 
1 ACCEPTED SOLUTION

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Most helpful response

Champion

Replies 0

Hi @Annt,

 

Thank you for contacting us.

 

For business entities; the June 2020 JobKeeper monthly declaration needs to be submitted from 01/07/2020, therefore the June 2020 JobKeeper payment will be included in the 2021 financial year regardless of accounting methods the entity uses. Please refer to tax consequences section on our website for further info.

 

Thanks.

 

 

 

2 REPLIES 2

Enthusiast

Replies 0

Hi Annt, 

 

Any payment received or expenses paid after the 30th June 20xx will be taken as the payment received or expenses paid in the next financial year. In your case, it should be 20/21 financial year. 

Most helpful response

Champion

Replies 0

Hi @Annt,

 

Thank you for contacting us.

 

For business entities; the June 2020 JobKeeper monthly declaration needs to be submitted from 01/07/2020, therefore the June 2020 JobKeeper payment will be included in the 2021 financial year regardless of accounting methods the entity uses. Please refer to tax consequences section on our website for further info.

 

Thanks.