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Sept 2020 Tax Round Up - Tax treatment of COVID-19 related grants

by Knowledge Shop Editor, on 01/09/20 11:37

We clear the confusion on the tax treatment of COVID-19 related grants, rebates and concessions.

Members, download the full September 2020 Tax Round Up (login first) from the member-only website. To see what Knowledge Shop membership offers, call the team on 1800 800 232 or take an online tour.


Join Michael Carruthers (Tax Director, Knowledge Shop) and Lisa Armstrong (MD, Knowledge Shop), for just the juicy bits of change for accountants and advisers:

  • We clear the confusion on the tax treatment of COVID-19 related grants, rebates and concessions.
  • The Superannuation Guarantee Amnesty ends on 7 September 2020. We explore what the ATO is offering for COVID-19 impacted businesses that cannot afford to pay their shortfall.
  • JobKeeper dominates headlines but as yet, only the new 1 July 2020 employee test date has been confirmed. Legislation to enact the extension of JobKeeper beyond 27 September has now passed the Senate. The legislation however is merely a framework for the Rules. The detail of how JobKeeper 2.0 works in practice will require a legislative instrument to update the Rules. So we have some way to go before we see meaningful detail. For immediate updates, keep an eye on our twitter feed @knowledgeshopAU.

Not a Knowledge Shop member? Take a tour and find out why Knowledge Shop is Australia's most cost-effective practice support resource!

Topics:JobkeeperCOVID 19SG Amnesty

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