Closing a Business? Don’t Forget the GST Registration
Thinking of closing or selling your business due to the current restricted business conditions? Beware that if you do, you’ll have to cancel your GST registration within 21 days, with certain specific exemptions. This 21 day requirement also applies if you change your business structure, such as from a partnership Read More...
Are State/Territory COVID-19 Grants Assessable?
Amounts received by businesses from various state or territory governments as COVID-19 support payments may or may not have to be included in their tax returns as assessable income. While the Federal government has specifically designated some payments to be NANE income which means it will be non-taxable, other payments Read More...
COVID-19 Support Payments: What You’ll Need to Report
Many individuals completing their 2020-21 tax return this tax time will have received some form of government support payments as a result of the economic fall-out from COVID-19, including the JobKeeper, JobSeeker, the COVID-19 disaster payment, or the pandemic leave disaster payment. Some of these payments will need to be Read More...