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If a business support grant you receive is NANE, you do not include it in your income tax return and you do not pay tax on it. Eligible payments will be non-assessable non-exempt NANE income for tax purposes.
A government COVID business grant or support program payment you receive will only be non-taxable non-assessable non-exempt income NANE if all the following three criteria are met:. Payments your business received under an eligible state or territory grant or Australian Government support program are taxable if you:. The payment will be assessable as ordinary income of the business and should be declared as income in your tax return.
Small businesses and primary producers affected by the storms and floods that occurred between 19 February and 31 March may be eligible to receive special disaster recovery grants.
To find out what type of category grant funding you received under the Disaster Recovery Funding Arrangements , you may need to speak to the person within your state or territory who administered your grant.
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