What type of income is the JobKeeper Payment?
While it is a government subsidy of sorts, the JobKeeper payment is still assessable
income, meaning that it IS taxable. Unlike the Cash Flow Boost, which is not taxable.
How will this be treated at tax time? Will I need to do anything
different this year?
Employees
Short answer, no. It is your employment income, so it will be assessed as the same
as your regular income has been in the past. It’s easier to just think of it as your
ordinary wages.
Sole Traders and Business Participants
For Sole Traders and Business Participants, you MUST include this on your income
tax return. The amount is calculated on your registration status being either cash or
accruals. If you aren’t sure, check with your advisor.