The Department of Treasury and Finance does not provide income tax or accounting advice.
This notification has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax advice.
Tax advisors should be consulted for information pertaining to your specific circumstances.
Based on advice information received from the Australian Taxation Office and the Federal Treasurer the following information is provided to assist in understanding the tax treatment of COVID Business Grants provided by the SA Government.
The following grants are considered to be ordinary income in the hands of the Eligible Recipient and are assessable under section 6-5 ITAA 1997 in the income year in which the grant is derived:
| 21 April 2020 to 1 June 2020 |
| 10 November 2020 to 28 February 2021 |
| 13 October 2021 to 31 October 2021 |
| 10 Jan 2022 to 31 March 2022 |
| 10 Jan 2022 to 31 March 2022 |
| 8 Feb 2022 to 31 March 2022 |
| 8 Feb 2022 to 31 March 2022 |
| 28 Feb 2022 to 31 March 2022 |
The following grants are eligible for non-assessable non-exempt income (NANE) treatment:
| 29 July 2021 to 30 September 2021 |
| 13 August 2021 To 17 October 2021 |
| 17 September 2021 To 31 October 2021 |
| 17 September 2021 To 31 October 2021 |