• Part D: Assessable government industry payments

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    Did your business receive assessable government industry assistance?

    No

    Go to Part E.

    Yes

    Read on.

    You need to know

    Generally, government 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.

    Examples of assessable government industry assistance are:

    • bounties
    • diesel fuel rebate
    • diesel and alternative fuels grants/energy grants credits
    • drought relief
    • employee subsidies
    • export incentive grants
    • fuel sales grants
    • industry restructuring and adjustment payments
    • Medicare payments received by medical practices.

    Completing this part

    Step 1

    Write your total primary production government industry payments received by each business at G item P8 on your schedule. Do not show cents.

    Step 2

    If your assessable primary production government industry payments include a diesel fuel rebate, diesel and alternative fuels grant and/or energy grants credit, 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 item P8 on your schedule. Do not show cents.

    Step 4

    If your assessable non-primary production government industry payments include a diesel fuel rebate, diesel and alternative fuels grant and/or energy grants credit, print D in the TYPE box at the right of the amount at H.

    Step 5

    Add up your primary production and non-primary production government industry payments and write the total amount in the Totals box item P8 on your schedule.

    Last modified: 28 May 2009QC 27547