ATO Community

Re: Jobkeeper payments for partnership

Newbie

Views 1014

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.