if i am a sole trader and received the jobkeeper alloawance. How do i process this as we draw from business and dont pay ourselves a wage?

  • 1
  • Question
  • Updated 2 weeks ago
i am a sole trader & received the jobkeeper alloawance. How do i process this in my system (reckon Accounts Hosted) as we only take drawings from the business and dont pay ourselves a wage?
Photo of midwets lock and safe

Posted 1 month ago

  • 1
Photo of Kris Williams

Kris Williams

  • 11,978 Points 10k badge 2x thumb
Put to an income account called jobkeeper, it is taxable on your tax return. Continue to do the same with drawings
NB it does NOT attract GST
Photo of Kevin Russell

Kevin Russell, Accredited Partner

  • 58,326 Points 50k badge 2x thumb
NNBB Classify it as OTHER INCOME not Income