Administered expense product

Expense recognition point

JobKeeper

JobKeeper expense is a temporary subsidy for eligible employers and business participants that have been significantly affected by coronavirus (COVID-19). The expense is recognised when an entity is eligible to make a claim in arrears for the previous month. This includes amounts processed after year end but in respect of the reporting period.

Cashflow boost payments for employers

Cashflow boost payment expense is a temporary subsidy for businesses and not-for-profit organisations who employ staff during the economic downturn associated with coronavirus (COVID-19). The expense is recognised when entities make eligible payments potentially subject to withholding tax in the reporting period. It also includes an estimate for amounts where the activity statement has not been lodged for the reporting period.

Research and development tax incentive

Research and development (R&D) tax incentive expense is a subsidy for eligible companies incurring research and development expenditure during the reporting period. Companies claim the R&D tax incentive in their tax return as refundable tax offsets which are generally paid in the subsequent reporting periods.

Australian screen production incentive

Australian screen production incentive expense is recognised when film and television production companies receive certificates of eligibility from either Screen Australia or the Ministry for the Arts on qualifying Australian production expenditure during the reporting period.

National rental affordability scheme

(ATO expense only)

National rental affordability scheme expense is recognised when participants are eligible to receive incentives from the Secretary of the Department of Social Services (DSS) for the reporting period. Claims paid through the tax system are made on income tax returns.

Product stewardship for oil

Product stewardship for oil (PSO) expense is recognised when a registered client recycles used oil or consumes eligible oil. Claims for PSO are lodged at any time within three years after the start of the claim period.

Junior minerals exploration incentive

Junior minerals exploration incentive expense (JMEI) is recognised when shareholders of mineral exploration companies are provided exploration credits, which is paid as a refundable tax offset.

JobMaker Hiring Credit

The JobMaker Hiring Credit expense is recognised when an entity’s employment headcount and payroll increases that gives rise to an eligible claim that covers days in the reporting period.

Low income superannuation tax offset

Low income superannuation tax offset expense is recognised when eligible concessional superannuation contributions are made to superannuation fund accounts of eligible individuals during the reporting period.

Private health insurance rebate (ATO expense only)

Private health insurance rebate expense is recognised when eligible claimants have paid private health insurance premiums during the reporting period and receive a rebate through the tax system on assessment of their individual tax return.

Superannuation
co-contribution scheme

Superannuation co-contribution expense is recognised when individuals make eligible personal superannuation contributions during the reporting period.