Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-15 - NON-ASSESSABLE INCOME  

Division 59 - Particular amounts of non-assessable non-exempt income  

Operative provisions  

SECTION 59-98   Commonwealth small business support payments relating to the coronavirus known as COVID-19  

59-98(1)    
A payment an entity receives is not assessable income and is not *exempt income if:

(a)    the entity receives the payment under a program administered by the Commonwealth or an authority of the Commonwealth; and

(b)    the program is declared under subsection (2) to be an eligible program (whether this declaration is made before, on or after the day the entity receives the payment); and

(c)    the entity receives the payment in the 2021-22 *financial year; and

(d)    the entity is a *small business entity, or an entity covered by subsection 59-97(2) , for the income year in which the entity receives the payment.

59-98(2)    
For the purposes of paragraph (1)(b) , the Minister may, by legislative instrument, declare a program to be an eligible program if the Minister is satisfied that the program is, in effect:

(a)    responding to economic impacts of the coronavirus known as COVID-19; and

(b)    directed at supporting *businesses the operations of which have been significantly disrupted as a result of a public health directive.