Announcements
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.
Still not sure? Ask the Community

ATO Community

Jobkeeper payments for partnership

Newbie

Views 1132

Replies 1

Hello,

We are a family partneship with 3 partners, and jobkeeper payments going to our business bank account.

We are aware that jobkeeper is assessable income, but how do we report it?

Is it only assessable income for business participant who claimed in the form, or does it need to be divided equally to partners?

Thank you

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Champion

Replies 0

Hi @Mi19,

 

Thanks for posting.

 

JobKeeper payment is an assessable income for the entity and needs to be included under partnership tax return as business income and not under the individual tax return. In terms of distributing the partnership income to the partners the existing partnership arrangements apply. Please refer the Tax time essentials - Ready to lodge section for more information.

 

Thanks.

1 REPLY 1

Most helpful response

Champion

Replies 0

Hi @Mi19,

 

Thanks for posting.

 

JobKeeper payment is an assessable income for the entity and needs to be included under partnership tax return as business income and not under the individual tax return. In terms of distributing the partnership income to the partners the existing partnership arrangements apply. Please refer the Tax time essentials - Ready to lodge section for more information.

 

Thanks.