Coronavirus grants now tax-free

Coronavirus Grants Now Tax-Free

Legislation aimed at ensuring coronavirus small business grants are not subject to income tax has now passed both houses of Parliament. Treasury Laws Amendment (2020 Measures No. 5) Bill 2020 passed Parliament late on Thursday. The bill amends income tax law to make certain grant payments received by eligible businesses non-assessable non-exempt income so that these…
Small-business coronavirus grants set to be income tax-free under new bill

Small Business Coronavirus Grants Set to be Income Tax-Free under New Bill

A new bill that ensures state and territory grants issued in response to the coronavirus pandemic are not subject to income tax has now been introduced. Treasury Laws Amendment (2020 Measures No. 5) Bill 2020 has now been introduced in Parliament, following the government’s announcement that small and medium business grants announced on or after…
Menu