Income Tax Assessment Act 1997
View history note
Hide history noteA payment an entity receives is not assessable income and is not *exempt income if: (a) the entity receives the payment under a grant program administered by:
(i) a State or a Territory; or
(b) the grant program is declared under subsection (3) 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 2020-21 or 2021-22 *financial year; and (d) the entity is a *small business entity, or an entity covered by subsection (2) , for the income year in which the entity receives the payment.
(ii) an authority of a State or a Territory; and
59-97(2)
An entity is covered by this subsection for an income year if: (a) the entity is not a *small business entity for the income year; and (b) the entity would be a small business entity for the income year if:
(i) each reference in Subdivision 328-C (about what is a small business entity) to $10 million were instead a reference to $50 million; and
(ii) the reference in paragraph 328-110(5)(b) to a small business entity were instead a reference to an entity covered by this subsection.
59-97(3)
The Minister must, by legislative instrument, declare a grant program to be an eligible program if the Minister is satisfied that: (a) the program was first publicly announced on or after 13 September 2020 by the State, Territory or authority that is administering it; and (b) the program is, in effect, responding to economic impacts of the coronavirus known as COVID-19; and (c) the program is, in effect, directed at supporting businesses:
(i) who are the subject of a public health directive applying to a geographical area in which the businesses operate; and
(d) the State, Territory or authority has requested the program to be declared to be an eligible program under this subsection.
(ii) whose operations have been significantly disrupted as a result of the public health directive; and
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