We've put together some information about COVID-19 support payments to help you with your 2020 income tax return.
Do I need to include JobKeeper in my income tax return?
JobKeeper payments are considered taxable income. Your employer will report them to us along with the tax they withheld. These payments will be part of your pre-fill data and may appear separately or as part of your salary and wage income. If you are a sole trader you declare the JobKeeper payments as income.
Do I need to include JobSeeker and the $550 Coronavirus supplement in my income tax return?
Yes. Your JobSeeker payment and the $550 Coronavirus supplement are both taxable income. Centrelink will include them as part of your pre-fill data.
Is my $750 Economic Support Payment taxable?
No. Your $750 Economic Support payment is exempt from tax and doesn’t count as income.
Does my business need to pay tax on the cash flow boosts?
No. We delivered your cash flow boosts as credits in your activity statement system. They are tax-free payments. You don’t need to report or declare any cash flow boosts.
Do I need to pay tax on an early release of super payment?