Shadow Minister for Trade, Tourism and Investment Kevin Hogan said Prime Minister Anthony Albanese has confirmed grants given to businesses and farmers will be taxed.
“I asked the Prime Minister during Parliament question time last week if he stands by his comments he made in Lismore that disaster grants will not be taxed,” Mr Hogan said.
“In his answer he said they will be taxed. This is huge blow to our small businesses and farmers.”
“This means small businesses who received the $50,000 grant will be worse off by $12,000. Farmers who received the $75,000 will be $20,000 worse off.”
“Under the previous Coalition Government, we rightly included disaster payments as Non-Assessable Non-Exempt (NANE) income.”
“This meant the DRFA Category D grants for the 2021 floods and bushfires, and Covid disaster payments, were not treated as assessable income.”
“With this hit, many flood-victims will cop a tax bill on the flood grants they have received.”
“This is not okay. It is causing great stress in our community.”
This article appeared in the Clarence Valley Independent, 30 November 2022.
