The ATO has ruled that the Financial Assistance Payments will be treated as capital gains, as we requested, not ordinary income.
Refer to the link below for the ATO's published guidance (Tax Ruling) on the financial assistance payments to Taxi licence owners -
Click here to read the guidance - New South Wales Point to Point Financial Assistance Scheme for taxi licence owners | Legal database (ato.gov.au)
We Thank the NSW Government for their efforts and support in achieving this result.
Please note, the Point to Point Transport Commission's contact centre will not be able to explain the impact of this advice for individual licence owners.
We encourage Taxi Licence Owners to seek independent tax advice based on their individual circumstances.