What small businesses can claim on this tax year: COVID-19, natural disasters and more
As we near the end of yet another turbulent tax year, small business owners aren’t sure of the effects that government grants and payments will have come tax time.
Here are how certain government grants will factor in your business tax return, including COVID-19 and natural disaster support payments.
Any government payment is taxable by default and counts as income in your tax return unless specifically categorised otherwise.
The following COVID-19 business support programs are being treated as non-taxable income in this financial year: