One of our fabulous and financially astute Chamber members, Duncan Smith, raised his concerns recently regarding a lack of clarity as to which of the Covid-related stimulus payments and grants were assessable from a tax perspective, and which weren’t. He was worried that people, in particular small business owners, may include some of these payments in their income tax return unnecessarily, and would therefore end up paying more tax than they should.
Duncan suggested the ATO produce more detailed information that clearly listed all the Grants & Stimulus payments, indicating which is assessable and which isn’t.
Mosman Chamber escalated Duncan’s concerns and suggestions and we were very pleased to receive this letter from the NSW Treasurer, the Hon. Matt Kean MP, this week advising that Duncan’s suggestions had been taken on board and actioned.
A great example of advocacy at work. And another great reason to join the Chamber and have your voice heard.