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Business making a COVID-19 loss? Claim a deduction, ATO says – SmartCompany.com.au
The ATO has issued a PSA for small business owners about their ability to claim a deduction for losses inccured during the COVID-19 pandemic.
ATO assistant commissioner Andrew Watson.
The ATO has issued a public service announcement to businesses struggling with the economic downturn, reminding companies they can claim deductions for losses incurred during the pandemic.
Australian Taxation Office (ATO) assistant commissioner Andrew Watson says those doing it tough in 2019-20 and 2020-21 might be booking a loss for the first time, and that tax deductions are available for those that are struggling.
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