ATO: Which Covid-19 Grants are Taxable?
The ATO has provided a list of all the covid-19 grants that are Non-Assessable Non-Exempt (NANE). You will need to confirm with the ATO if the grants you received are taxable or NANE. You will need to include in your tax return this financial year all income from all sources that is taxable. This may […]
COVID-19 and your tax done right
The Australian Taxation Office (ATO) anticipates that COVID-19 will continue to impact the income and deductions taxpayers will be reporting this tax time. This tax time taxpayers need to be aware of changes in circumstances that may affect what needs to be included as income or what can be claimed as a deduction. Among the […]
ATO: Reporting COVID-19 re-contribution amounts
Individuals can now re-contribute amounts they withdrew under the COVID-19 early release of super program without them counting towards their non-concessional contributions cap. These contributions can be made between 1 July 2021 and 30 June 2030. COVID-19 re-contribution amounts are not a new type of contribution. They are a personal contribution that we will exclude from an individual’s non-concessional contribution cap. […]