02/05/2025
We recently asked if natural disaster support payments your business receives are assessable income. In other words, are they non-taxable? 🔥🌪️
82% of responders answered incorrectly. This tells us we should talk about this topic a little more… and the answer depends on the ‘type’ of support payment received.
Some specific support payments are non-taxable. This means you don't need to include the payment in your tax return, and you don't pay tax on it.
Other support payments are counted as assessable income. This means you need to include the payment in your tax return in the income year you receive it.
