If you have received payments from Services Australia due to the lockdown, there is good news for you!
With Australian states re-entering the lockdown, some individuals will be required to lodge an amendment, if they have already completed their tax return for 2020-21. The Covid-19 disaster payment receivers will be able to take home more money, under the JobKeeper Wage Subsidy Program. The income as a support measure will be regarded as a non-assessable non-exempt income. This simply means that you will not be taxed on your Covid-19 relief payments.
Moreover, those who have received the support payment on or after 1st July 2021 won’t be required to include it as an assessable payment anymore in their next year’s tax return.
Individuals are expected to receive a notification via myGov.
