Job Keeper and Cashflow Boost
What's assessable and whats not?
The Job Keeper payment is assessable income, which means that you may have to pay tax on this payment. (Whether you receive it as an individual, business owner or into the business itself.)
The Job keeper does not include GST through, so it is to be coded as Tax Free.
Ensure that your bookkeeper is not coding this with GST, or it will mean that you lose 1/11th of this payment back to the tax man.
The Cashflow Boost initiative is different again. The Cashflow boost payment is not assessable income. and will also not attract GST.
For more information, always feel free to call us. 0409 715577 for a hands-on-approach