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AUSTUDY AND REPORTING

Answered 7 months ago

I was on Austudy, got an ABN phoned centrelink over the 2 years countless times asking how to report, were sent forms for profit and loss but as I am not a business I was confused as to how I should be doing it. Phoned again to be cut off, I then got sick and then covid so now I am having a review. I was scared to do the wrong thing but in hindsight its worse not sure what to do. Any ideas.


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ANSWER
7 months ago
Just report your pre tax income as you usually would and put the abn in the company details when you submit the business name etc. what’s important is that the data the tax office has (from the information you submit) to match up with what your reporting to Centrelink.