COVID-19 Business Grants - To Tax Or Not To Tax?
Note sull'episodio
With so many state-based grant programs announced across all states and territories in Australia to assist and support businesses throughout the COVID-19 pandemic, now that there appears to be a glimmer of light of "normality" at the end of the tunnel the question now turns to: will there be any tax to pay on these grants? Well, the answer is not universal; that is, some of these grants are tax-free, while others are still subject to income tax.
Louie takes you through the legislation that provides for the tax-free status of certain COVID-19 business grants, and gives his best explanation as to the belief of why other grants that were for the same purpose are not tax-free.
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