As a sole trader, if you've been a recipient of alternative sources of income from the government's COVID-19 support programs in the last few months of the financial year, you should be aware of the effect of this on your income tax return.
As a sole trader, any JobKeeper payments you have received will be treated as regular income when you complete your income tax return. This also means these payments are taxed at the same rate as your normal income.
JobKeeper payments will be shown on your income statement at the end of the financial year to enable you to report these payments via your tax return.
If you’ve signed up for JobSeeker, be aware that these payments are taxed and will be included in the 'government payments and allowances' section of your tax return.
Early withdrawal of superannuation
Any amount of superannuation accessed via the early withdrawal program is not considered income and therefore does not need to be included in your 2019/2020 income tax return.