Stimulus vouchers: How to report this in your tax

COVID-19 measures: how your business might be affected

Most States and Territories are providing assistance to help boost local economies affected by COVID-19. Many governments are doing this by issuing vouchers to eligible customers to pay towards purchases from eligible businesses for dining out, entertainment or accommodation.

If your business accepts stimulus vouchers from customers, you may be wondering how to deal with this for tax purposes.

When your business accepts a voucher, it needs to:

  • treat the amount the voucher covers and the customer’s payment as income;
  • report GST on the total of payments received.

Comments are closed.

Post Navigation

DISCLAIMER
Thompsons Australia Newsletters and articles are distributed by professional tax practitioners to provide information of general interest to our clients. The content of this newsletter does not constitute specific advice. Readers are encouraged to consult their tax adviser for advice on specific matters.

Newsletter Archives

Client Information Archives

Business news April 2021 Business news February 2021 business news July 2019 Business news July 2020 Business news June 2021 Business newsletter - November 2019 Business Newsletter - September 2019 Business newsletter June 2020 car expenses covid-19 international accountant australia jobkeeper motor vehicle expenses single touch payroll small business Small Business - March newsletter Special Budget Edition 2019-20 tax accountant vehicle expenses