Bushfire tax assistance bill passes
Treasury Laws Amendment (2019–20 Bushfire Tax Assistance) Bill 2020 has now been passed, exempting disaster relief payments being made to individuals and businesses impacted by the bushfires from tax.
Under the new laws, volunteers working with a fire service of a state or territory will not be subject to income tax on compensation payments for loss of income resulting from their work with their respective fire service in the 2019–20 financial year.
Read more at the Accountants Daily.
