This free on-demand session is available to watch instantly after purchase at the time of your choosing and will expire within 12 Months of purchase.
Date recorded: March 2024
Natural, economic, and health disasters have seemingly become more prevalent, especially over the last decade or so.
To mitigate the effects of these disasters, governments, both federal and state, have often engaged in providing relief and compensation payments to those affected, including both businesses and individuals.
The prevailing taxation treatment of these payments can often be very confusing, as there is no single, universal treatment applied to these government payments.
This session will examine the nature of some of the more common government disaster relief payments in this regard and explore the relevant taxation treatments related to these.
Topics Covered:
- Recent common disaster relief and compensation payments
- General taxation principle applicable to Government payments
- Existing tax exemptions for certain Government payments
- Difference in treatment for state government payments and federal government payments
- Other tax concessions afforded as disaster relief disclosure and treatment in tax returns
- Claw-back tax integrity measures
- Record keeping
- Tips and traps
Benefits & Outcomes:
You will be able to understand the nature of current government disaster payments and grants and the scope and effect of the taxation regime governing them.
Meet your Speaker, Peter Adams:
Peter has more than 30 years experience as a tax practitioner, having worked in senior tax management roles in the profession with both KPMG and PwC as well as in commerce. Recently Peter has focused on providing tax consulting and tax training services in the SME market.
