What to know about disaster relief payments
Understanding the Tax Implications of Natural Disaster Relief Payments Some Government Support Payments May Be Non-Taxable — Check Before Lodging Your Tax Return Taxpayers should be aware that some natural disaster relief payments are not taxable. Businesses that have received a government support payment because of a natural disaster (such as a major weather event) […]
Small business concessions
Unlocking Tax Concessions for Small Business Owners ATO’s Reminder The ATO has recently issued a reminder that small business owners may be eligible for concessions on the amount of tax they ultimately pay. This depends on their business structure, their industry and their aggregated annual turnover. For example, small business owners who have an aggregated […]
More COVID-19 business grants are now tax-free
Federal Government expands tax-free status of more COVID-19 grant programs The Federal Government has expanded the list of State and Territory COVID-19 grant programs that may be tax-free to eligible businesses. A State or Territory Government COVID-19 grant payment will generally be tax-free if: the payment is received under a grant program that is formally […]