ATO Provides Guidance on Government Grants, Payments, and Stimulus During COVID-19

The Australian Taxation Office (ATO) has announced guidance on government grants, payments, and stimulus during COVID-19, including a Quick guide to the tax treatment of COVID-19 payments. For businesses, the tax treatment is summarized as follows:
- Recovery loans to support businesses:
- do not include as 'business income' in your tax return
- Payments to support businesses affected by COVID-…