Categorizing Covid financial support

As long as you and your accountant remember how to treat it in your annual tax return, it doesn’t matter.

A clean way Imo is

  • create a total in your COA at the bottom of the profit & loss side labelled “Net taxable income”
  • Below that create an income account “Tax free income” and a expense account “Not tax deductible”
  • Put your Job keeper in the “Tax free income” account