Technical Accounting Alert | TA 2025-2
ASIC focus areas for FY 2025-26 financial reports
ASIC focus areas for FY 2025-26 financial reports
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Earlier in August, legislation was passed where Treasurer Josh Frydenberg could identify state and territory business support programs that would be eligible for non-assessable non-exempt (NANE) income status. Payments will be considered a NANE income relating to an eligible program, in the current financial year, and accessed by business with an aggregated turnover of less than $50 million.
There are specific requirements to meet to access the NANE income treatment – including turnover threshold – so please get in touch if you want to see if your business is eligible for this tax-free support.