Australia has published the Treasury Laws Amendment (COVID 19 Economic Response No. 2) Act 2021, which received royal assent (was enacted) on 10 August 2021. One of the key tax measures of the Act is the amendment of the Income Tax Assessment Act 1997 to make payments received by eligible businesses under certain COVID-19 business support programs and Commonwealth COVID-19 disaster payments exempt from income tax. Amendments are made to provide a similar exemption for individuals as well.
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