If your business has received a tax grant or payment from the Australian Government or a State or Territory Government, you may need to include it in your tax return.
Some grants and payments are assessable income and so need to be included in your tax return.
Grants and payments that are assessable income include:
• JobKeeper payments and fuel tax credits, and
• Wine equalisation tax producer rebate, and
• Grants, such as an amount you receive under the Australian Apprenticeships Incentives Program, and
• Subsidies for carrying on a business.
Considering are some government grants and payments that you do not need to pay tax on.
One example of this is the cash flow boost.
How and where you report assessable payments in your tax return will depend on your business structure. We as your registered tax agent and BAS agent, can help you with your tax and can help you if you are uncertain about the tax treatment you have received.
There have been many updates coming from the Government, we would like to break it down with you and showcase how to get the most out of it. You can keep up to date with financial news, follow Financially Sorted.
Check out some of our other articles. Such as 10 tips to save for a home deposit, or for your business and if it’s able to recover from a setback?
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