The Australian Taxation Office has published updated guidance on What to exclude from your business's assessable income. The guidance has been expanded, including in relation to non-assessable non-exempt (NANE) income in the form of government grants for COVID-19 and others.
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What to exclude from your business's assessable income
Not all payments you receive are assessable income for income tax purposes and do not need to be included as assessable income.
List of non-assessable amou…