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The ATO recently issued a warning to JobKeeeper recipients about declaring it in their 2021 tax returns.
 
Whether you include JobKeeper directly will depend on how your business was structured:
  • SOLE TRADERS – Sole traders received JobKeeper directly from the ATO. Any JobKeepr money received should be included as business income in the individual’s tax return.
  • PARTNERSHIPS – Only one partner was entitled to claim JobKeeper. JobKeeper money received should be included in the Partnership tax return.
  • TRUSTS – JobKeeper receipts for a trust are treated in a similar way to Partnerships. JobKeeper money received should be included in the Trust tax return. It could subsequently be paid from the trust to the business owners either as payroll or distribution.
  • COMPANY – A PTY LTD company was entitled to claim JobKeeper for all employees, including all business directors(s). JobKeeper should be included as income in the Company tax return. Wages paid from the company to employees, including director(s), should be included in the payroll. The company will have an expense for wages and the director(s) will be issued on the End of Year Income Statement. Accordingly, the director(s) only need to declare income on the End of Year Income Statement from the company.

 

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