Family Trust and JobKeeper

Fiona_9994150
Fiona_9994150 Member Posts: 9
edited July 2020 in Accounts Hosted
What do I have to do to set up JobKeper payments in our Family Trust Account?  We do not have employees.

Comments

  • Lee_8688889
    Lee_8688889 Member Posts: 84 ✭✭
    edited May 2020
    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. 
  • Acctd4
    Acctd4 Accredited Partner Posts: 3,366 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited May 2020

    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


    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
  • Bruce
    Bruce Member Posts: 439 Professional Partner Professional Partner
    edited July 2020
    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.   
  • John Graetz
    John Graetz Member Posts: 1,651 ✭✭✭
    edited May 2020
    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