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ATO issues guidance on tax deductions for COVID grants

Small businesses who pay an accountant or bookkeeper to apply for a tax-free COVID-19 grant on their behalf will not be able to claim a tax deduction for that service, under new guidance published by the ATO.

ATO issues guidance on tax deductions for COVID grants
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The guidance comes as Treasurer Josh Frydenberg declares a number of New South Wales and Victorian COVID-19 business support programs to be eligible for non-assessable non-exempt (NANE) income treatment.

Read more at MyBusiness.

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