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.
When a Sole Trader who is in receipt of the Job keeper payment does their Tax Returns, which label of the Tax return do they use to report this Job Keeper income? What about nominees from Companies and Other entities where do they report this income on their respective tax returns??
JobKeeper payment is an assessable income for business and sole traders needs to reported under the business income on their individual tax return, If your business is a partnership, trust or company, and you received JobKeeper payments, you don’t need to include it as assessable income in your individual tax return – but you need to report it as part of your business income.