YOUR MONEY MATTERS SEPTEMBER 2022

More COVID-19 business grants are now tax-free

The Federal Government has expanded the list of State and Territory COVID-19 grant programs that may be tax-free to eligible businesses.

A State or Territory Government COVID-19 grant payment will generally be tax-free if:

1.     the payment is received under a grant program that is formally declared to    be an eligible program;
2.     the recipient carried on a business and had an aggregated turnover of less than $50 million in the income year the payment was received, or in the previous income year; and
3.     the payment was received in the 2021 or 2022 income year.

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