Services Australia have seen a few people asking if certain payments are taxable and what is required for tax purposes or income estimates.
They have put together the following list to help you understand just a few payments.
JobSeeker Payment
This payment is taxable. This means you:
• don’t need to report it as your fortnightly income as it’s part of your Centrelink payment
• need to include it in your family income estimate for FTB/CCS
• as income in your tax return for 2019-20 financial year.
$750 Economic Support Payment
This payment is not taxable. This means you don’t include it:
• when you report your fortnightly income to receive your Centrelink payment
• in your family income estimate for FTB/CCS
• as income in your tax return for 2019-20 financial year.
$550 Coronavirus Supplement
This temporary payment is taxable. This means you:
• don’t need to report it as your fortnightly income as it’s part of your Centrelink payment
• need to include it in your family income estimate for FTB/CCS
• need to declare it as income in your tax return for 2019-20 financial year.
$1,500 JobKeeper Payment
This payment is taxable. This means you need to include it:
• when you report your fortnightly income to receive your Centrelink payment
• in your family income estimate for FTB/CCS
• as income in your tax return for 2019-20 financial year.
