Sept 2021 Tax Round Up - Unwinding COVID 19 Support

COVID-19 support will roll back as states and territories reach vaccination targets.

Members, download the full September 2021 Tax Round Up (login first) from the member-only website. To see what Knowledge Shop membership offers, call the team on 1800 800 232 or take an online tour.

Inside this month Michael Carruthers (Tax Director, Knowledge Shop), Matthew Tse (Tax Adviser, Knowledge Sop), and Lisa Armstrong bring you:

• An update on the phasing out of COVID-19 Disaster payments and NSW JobSaver.
• Expenses relating to non-assessable non-exempt income. There are a now a series of COVID-19 support payments that have been declared non-assessable non-exempt - does this mean that a business will be prevented from claiming a deduction for some of its expenses?
• Why the ATO is targeting Australian residents receiving foreign sourced income. The Taxpayer Alert on gifts or loans from related overseas entities
• The cases that challenge access to cash flow boost payments - we explore MJ and IT Holdings Pty Ltd v FC of T [2021] AATA 3250

The Knowledge Shop membership can help you and your team keep ahead of change with an advisers' help desk, workpaper knowledge base, quarterly PD, and more - wherever you are and however you are working. Book in a time for a tour or call Clare on 1800 800 232.