Tax free small business grants stimulus measure
Enable government entities to report potential non-assessable, non-exempt NANE grants. The TPAR form will include an additional reporting field to enable government entities to report when a grant they have paid lies within Division 59 of the Income Tax Assessment Act 1997 (the provisions that relate to non-assessable non-exempt amounts).
Is this payment an amount listed or described under a provision of Division 59 of the ITAA 1997?
- Yes
- No
- Unsure
What does this mean for tax agents?
The Australian Taxation Office (ATO) Prefill Report has been updated.
note
The tax agent will need to review ATO Prefill Report and determine if the taxpayer is required to include it in the return.