Assessable government industry payments
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Did you receive assessable government industry assistance?
You need to know
Generally, government credits, grants, rebates, bounties and subsidies are assessable income in the hands of the recipient if they are received in, or in relation to, the carrying on of a business. This generally includes amounts of a capital nature. However, amounts relating to the commencement or cessation of a business may not be assessable income but may give rise to a capital gain.
Examples of assessable government industry assistance are:
- drought relief
- employee subsidies
- export incentive grants
- fuel grant under the energy grants credits scheme
- fuel tax credits
- industry restructuring and adjustment payments
- producer rebate (wine equalisation tax)
- product stewardship (oil) benefit.
Do not show 'Medicare payments received by medical practices' at this item. Show them at Other business income.
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Completing this item
Step 1 Write your total primary production government industry payments received by each business at G item P8 on page 2 of your schedule. Do not show cents.
Step 2 If your assessable primary production government industry payments include a fuel grant under the energy grants credits scheme or fuel tax credits, print D in the Type box at the right of the amount at G.
Step 3 Write your total non-primary production government industry payments received by each business at H. Do not show cents.
Step 4 If your assessable non-primary production government industry payments include a fuel grant under the energy grants credits scheme or fuel tax credits, print D in the Type box at the right of the amount at H.
Step 5 Add up the amounts you have written at G and H and write the total in the adjacent Totals box.
Last modified: 25 Oct 2011QC 27987