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Re: Which Tax Return Label to Use for Job Keeper for Sole Trader or other entity??

Newbie

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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??

1 ACCEPTED SOLUTION

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Most helpful response

Devotee Registered Tax Practitioner

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Sole Trader  =  Item P8   Label G

 

Company  =   Item 6  Label Q

 

Trust +  Partnership =  Item 5  Label E  -  F

 

 

 

2 REPLIES 2

Champion

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Hi @tonysilva,

 

Thank you for contacting us.

 

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.

 

Please refer to JobKeeper payment under Tax time essentials 2020 for more details.

 

Hope this helps.

 

 

Most helpful response

Devotee Registered Tax Practitioner

Replies 0

Sole Trader  =  Item P8   Label G

 

Company  =   Item 6  Label Q

 

Trust +  Partnership =  Item 5  Label E  -  F