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Tax Free COVID-19 Payments

A new law has been passed to ensure that COVID-19 Disaster Payments will be considered non-assessable, non-exempt income. Workers will receive payments to compensate for the effects of lockdowns in Australia. Business support payments will also be considered non-assessable, non-exempt income if they meet certain requirements such as an aggregated turnover of less than $50 million. Payments to businesses affected by lockdowns are expected to continue into the next year.

Source:  Accountants Daily

Recovery?

Australia, with large parts of the country in lockdown, has fallen behind in vaccinations. However, economically Australia has been remarkably resilient and has not been as impacted as many countries have been in terms of economic damage done. The long-term effects remain to be seen, as economies around the world will recover at different rates.

Source: In the Black