{"id":2133,"date":"2021-03-03T09:05:21","date_gmt":"2021-03-02T22:05:21","guid":{"rendered":"https:\/\/cruzandco.com.au\/?p=2133"},"modified":"2021-02-28T10:59:56","modified_gmt":"2021-02-27T23:59:56","slug":"updated-guidance-about-income-tax-and-gst","status":"publish","type":"post","link":"https:\/\/cruzandco.com.au\/updated-guidance-about-income-tax-and-gst\/","title":{"rendered":"Updated Guidance about Income Tax and GST"},"content":{"rendered":"

On 15 February 2021, the Australian Taxation Office (ATO) published updated\u00a0guidance<\/a>\u00a0about the income tax and goods and services tax (GST) implications of a wide range of COVID-19 financial support measures provided by the commonwealth, state\/territory, and local governments during the pandemic.<\/p>\n

The guidance is relevant to business taxpayers and to individual taxpayers.<\/p>\n

Taxpayers in receipt of any of the following COVID-19 financial support payments should consider whether their income tax and\/or GST treatment of those payments to date aligns with the ATO\u2019s views, and\u00a0decide whether follow up action should be taken:<\/p>\n

JobKeeper payments;<\/li>\n

Cash flow boost payments;<\/li>\n

Pandemic leave disaster payments;<\/li>\n

Childcare transition payments;<\/li>\n

Loans and grants under the commonwealth government\u2019s Creative Economy Support Package (i.e., provided to artists, arts organizations, etc.);<\/li>\n

Grants under the commonwealth government\u2019s Consumer Travel Support program (i.e., provided to travel agents and tour arrangement service providers);<\/li>\n

Other payments and grants from commonwealth, state\/territory, or local governments to assist businesses to continue operating or adapt to changed circumstances; and<\/li>\n

Vouchers to subsidize the purchase of goods and services from COVID-19 affected businesses.<\/li>\n<\/ul>\n
<\/p>\n
Taxpayers in receipt of relief in respect of any of the following state\/territory government taxes or charges should also consider the ATO\u2019s position in relation to the income tax and\/or GST implications:<\/p>\n
\n
Payroll tax relief (e.g., higher thresholds, waivers, and interest-free deferrals);<\/li>\n
Land tax relief (e.g., waivers, reductions, deferrals, rebates, credits, refunds);<\/li>\n
Rent waivers and\/or reductions for commercial tenants in government-owned properties; and<\/li>\n
Rebates on electricity charges.<\/li>\n<\/ul>\n
<\/p>\n
The guidance does not purport to be comprehensive. Taxpayers who are uncertain about the appropriate income tax and\/or GST treatment of specific financial support received from government agencies during the pandemic should seek professional advice.<\/p>\n
<\/p>\n
Source:\u00a0Deloitte Australia<\/a><\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"
On 15 February 2021, the Australian Taxation Office (ATO) published updated\u00a0guidance\u00a0about the income tax and goods and services tax (GST) implications of a wide range of COVID-19 financial support measures…<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":""},"categories":[28],"tags":[54,132],"acf":[],"_links":{"self":[{"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/posts\/2133"}],"collection":[{"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/comments?post=2133"}],"version-history":[{"count":2,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/posts\/2133\/revisions"}],"predecessor-version":[{"id":2135,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/posts\/2133\/revisions\/2135"}],"wp:attachment":[{"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/media?parent=2133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/categories?post=2133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/tags?post=2133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}