Government moves to ensure small-business grants are income tax-free
The government has taken steps to realise another budget promise by introducing legislation into Parliament to ensure COVID-related small-business grants are treated as non-assessable, non-exempt income for tax purposes.
Treasury Laws Amendment (2020 Measures No. 5) Bill 2020 has entered Parliament, as the government looks to realise its budget initiative to make tax-free certain small-business grants relating to the coronavirus recovery.
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