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.
