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

|Approved Changes|Australia
Australia

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-…

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