Family Trust and JobKeeper

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  • Updated 2 months ago
What do I have to do to set up JobKeper payments in our Family Trust Account?  We do not have employees.
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Fiona

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Posted 2 months ago

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Lee

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Fiona I understand you set up an Income Account in your chart of accounts eg Jobkeeper Income and then allocate the payments to that Income account as they come into your bank account.

Others may have other information to share. 

Hi Fiona

 

Do you mean receiving the reimbursement from the ATO?

 

JobKeeper is assessable income to the Family Trust but has no GST component

(It is out of scope & therefore doesn’t get reflected on the BAS)

 

You just need to create a “JobKeeper Rcvd” (or similarly-named) Other Income-type account & enter it via “Make Deposit” posting to this account.

 

Shaz Hughes Dip(Fin) ACQ NSW, MICB

Reckon Accredited Professional Partner Bookkeeper / Registered BAS Agent (No: 92314 015)

Accounted 4 Bookkeeping Services

Ballajura, WA

0422 886 003

shazinoz2@bigpond.com

www.accounted4bs.com


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Bruce

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Fiona
You should also be speaking with your accountant to determine whether the Trust has an Eligible Business Person who qualifies for JobKeeper and who this person should be.   
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Kevin Russell, Accredited Partner

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Nice point Bruce. It gets lost in the detail sometimes. 
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John Graetz

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Fiona.  The ATO has issued the following relating to your situation and it indicates that if there is an eligible business participant, then that person could be nominated:
https://www.ato.gov.au/general/jobkeeper-payment/sole-traders-and-other-entities/#Partnershiptrustorcompany
John L G
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Kevin Russell, Accredited Partner

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Your question is very broad. What are you trying to do?