Tax-free treatment of COVID-19 grants to be extended

State and territory grants issued to small businesses in response to COVID-19 will continue to be tax-free under a new bill introduced into Parliament.

by | Jun 21, 2021

Treasury Laws Amendment (COVID-19 Economic Response) Bill 2021 has now been introduced into Parliament, extending the application of the non-assessable non-exempt income status to eligible business support grants received in the 2021–22 financial year.

Read more at Accountants Daily.

More from Public Accountant

IPA National Congress hears ATO plan to shrink small business “tax gap”

IPA National Congress hears ATO plan to shrink small business “tax gap”

Ombudsman review targets ATO’s agent phone line failures

Ombudsman review targets ATO’s agent phone line failures

The WH Smith Error: how revenue recognition may have humbled an icon

The WH Smith Error: how revenue recognition may have humbled an icon

1 in 3 Australians in their late 60s are still working, new HILDA survey shows

1 in 3 Australians in their late 60s are still working, new HILDA survey shows

How to get control of your time

How to get control of your time

Embracing the AI frontier: Rethinking auditor skills and education

Embracing the AI frontier: Rethinking auditor skills and education

Share This