• 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 you receive assessable government industry assistance?

    No, Go to Other business income.

    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:

    • diesel fuel rebate
    • diesel and alternative fuels grants
    • fuel grant under the energy grants credits scheme
    • cleaner fuel grants
    • product stewardship (oil) benefit
    • drought relief
    • employee subsidies
    • export incentive grants
    • fuel sales grants, and
    • industry restructuring and adjustment payments.

    Stop

    Do not show 'Medicare payments received by medical practices' at this item. Show them at Other business income.

    Completing this item

    Step1, 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.

    Note

    If you have completed the Gross income from primary production worksheet in Information for primary producers 2005-06 (NAT 1712-6.2006), include at G the amount at PP11 on the worksheet.

    Step 2, If your assessable primary production government industry payments include a diesel fuel rebate, diesel and alternative fuels grant 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. 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, or energy grants credit, 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: 01 Sep 2006QC 18499