receiving jobkeeper payments

LizLiz Member Posts: 11

Hi, I am having trouble receiving jobkeeper payment and they are showing up in my income. I havew them in as other income but cannot code with no tax code... Can anyone advise please?

Comments

  • Kris_WilliamsKris_Williams Member Posts: 1,149 ✭✭✭

    They don’t get coded, how did you enter them? A simple make deposit is sufficient. They are income for tax purposes - not GST. Other income is where I would put them as well. What do you mean they are showing up as income? On what report?

  • LizLiz Member Posts: 11

    Hi Kris, I have made an "other income" account in my chart of accounts called jobkeeper and when you do that it asks re tax mapping (unassigned) and you have to enter the tax code in... No option to put no tax code

  • LizLiz Member Posts: 11

    They are showing up as income on my profit and loss & also BAS's which I didn't notice until recently so BIG MESS...

  • Kris_WilliamsKris_Williams Member Posts: 1,149 ✭✭✭
    edited November 9

    Mine are listed as unassigned. ( I use Reckon Hosted)

    they are income on your P&Loss, although on Hosted Other Income is shown at the bottom of the P & L. It doesn’t really matter, at the end of the day it is taxable income and so is in the right place. I use the Tax Summary report to get my BAS figures, so if you are unable to remove the tax code you can manually deduct it from whatever code it’s appearing on before lodging the BAS. Try editing the account and go to tax mapping and select unassigned. It may not let you if it’s been used. If not make a new Other income called Jobkeeper 2, change the existing transactions to that one and delete the old one, then change the name back to Jobkeeper

  • LizLiz Member Posts: 11

    Okay so it is counted as income then but I presume no GST so perhaps if it wont let me have no tax code I should code it as FRE which shouldn't then show up in GSTable income on my BAS?

  • BruceBruce Member Posts: 276 ✭✭

    @Liz

    Do not use any code GST/EXP/FRE etc. Just process it as a deposit as advised by Kris

  • Kris_WilliamsKris_Williams Member Posts: 1,149 ✭✭✭

    FYI

    if you were to code it as FRE that’s when it will be included in your bas as income, deposit only and change the Jobkeeper account as advised if necessary

  • LizLiz Member Posts: 11

    Okay, thanks. I will do. Just wondering if I do that historically for all COVID payments will it change my BAS's? If so think I will leave it for my accountant to disentangle at the end of the year...

  • LizLiz Member Posts: 11

    Thank you so much! Mission accomplished but I do think my accountant will have her work cut out for her!!!

  • Kris_WilliamsKris_Williams Member Posts: 1,149 ✭✭✭

    I would just advise the accountant that your G1 figure has been overstated by the amount of the Jobkeeper, it should be pretty obvious to the accountant though. Won’t make any difference to the payments

  • LizLiz Member Posts: 11

    Yes, she says alot of ppl having similar trouble! All good and your help was very much appreciated!

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