Businesses and employers
- JobKeeper payments received by the business are assessable (taxable) income
- Stimulus “Cash Boost” payments received between $20K and $100K are not assessable income (tax-free)
Individuals and employees
- JobSeeker payments received from Centrelink are assessable income (taxable) and should be included on your Centrelink annual income statement
- JobKeeper payments received from your employer (or directly from ATO if a sole trader) are assessable income (taxable) and should be included on your Employer’s income statement
- Early release of superannuation for eligible individuals are not assessable income (tax-free)
- Economic support payments of $750 received by eligible individuals are not assessable income (tax-free)
More information about COVID-19 support payments can be found by following this ATO link https://www.ato.gov.au/general/covid-19/