The ATO’s guidance comes after a new law was passed on Monday to ensure COVID-19 Disaster Payments dating back to its introduction on 3 June will now be treated as non-assessable non-exempt income.
Read more at Accountants Daily.
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Tax return amendments on the cards for some COVID-19 Disaster Payment recipients
Individuals who received COVID-19 Disaster Payments in June and have gone on to lodge their tax returns will now need to lodge an amendment after new tax-free laws were passed, the ATO has advised.
