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.
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.
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