Australia: Legislation enacted, tax treatment of economic response payments (COVID-19)
Tax treatment of federal government coronavirus economic response payments
Legislation for the tax treatment of economic response payments enacted
Legislation that deals with the tax treatment of federal government coronavirus (COVID-19) economic response payments for business and individuals received Royal Assent.
The Treasury Laws Amendment (COVID-19 Economic Response No. 2) Act 2021 passed both Houses of Parliament on 9 August 2021 and received Royal Assent on 10 August 2021.
- Enables the Treasurer to make rules for economic response payments to provide support to entities when they are adversely affected by restrictions imposed by a state or territory public health order that is directed at controlling the transmission of COVID-19
- Enables tax information to be disclosed to Australian government agencies for the purposes of administering COVID-19 business support programs
- Makes payments received by eligible businesses under certain COVID-19 business support programs and Commonwealth COVID-19 disaster payments exempt from income tax
- Reinstates a temporary mechanism for ministers to change arrangements relating to certain meeting information and document requirements
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