Taxpayers should be aware that some natural disaster relief payments are not taxable.
Businesses that have received a government support payment because of a natural disaster (such as a major weather event) should check if they need to include this as assessable income in their tax return before they lodge (although they may not need to pay tax on the payment).
Provided that they meet the criteria, taxpayers can treat some support payments as ‘non-assessable, non-exempt income’, which means they do not need to include them in their tax return.
Taxpayers can refer to the ATO’s website (or check with us) for more information in this regard, including in relation to the criteria that needs to be satisfied.
If you have any questions or would like to speak to one of our professional business and tax advisors, please contact our office on (08) 9392 7600 to make a booking or click here.
With three offices across Western Australia and over 20 years of experience, Acclaim Accounting is a dynamic team of highly trained and skilled individuals committed to providing innovative and effective advice, excellent service and maintaining only the highest standards in ethical professional practice
We are thrilled to announce that Muntz Partners will soon be known as Acclaim Accounting. This change reflects our commitment to providing you with even better services and experiences. Stay tuned for more updates as we embark on this exciting journey together! Note: The change will take effect on May 15th 2024.
Exciting News! Muntz Partners is Rebranding to Acclaim Accounting
