Our ATO Community is here to help make tax and super easier. Ask questions, share your knowledge and discuss your experiences with us and our Community.
May I know the tax treatment for the following:
1. Boosting cash flow - not assessable income, no GST but is it to be included in G1 for BAS?
2. Jobkeeper payment - assessable income, no GST but is it to be included in G1 for BAS?
3. Business support fund from DJPR ($10,000) - assessable income? Any GST? to be included in G1 for BAS?
The grant is categorized as a non-taxable supply where GST is not applicable.
The Business Support Fund should classify as GST Free Income thus appearing on your BAS. However it can also be considered as Assessable Income because it is a government grant that has contributed to carrying the business.
Your answer related to number 3, "not on BAS", is it because there are some rules about it being Assessable Income that it can be treated as BAS Excluded ?
3 Assessable income, no GSt & not on BAS
Tell us about your ATO Community experience and help us improve it for everyone.Provide feedback