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:
- the payment is received under a grant program that is formally declared to be an eligible program
- 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
- the payment was received in the 2021 or 2022 income year
The following Victorian and ACT COVID-19 grant programs have recently been declared as eligible grant programs for these purposes:
- Business Cost Assistance Program Round Two – Top Up (Victoria)
- Business Cost Assistance Program Round Three (Victoria)
- Business Cost Assistance Program Round Four (Victoria).
- Business Cost Assistance Program Round Four – Construction (Victoria).
- Business Cost Assistance Program Round Five (Victoria).
- Commercial Landlord Hardship Fund 3 (Victoria).
- Impacted Public Event Support Program Round Two (Victoria).
- Licensed Hospitality Venue Fund 2021 – Top Up Payments (Victoria).
- Live Performance Support Program (Presenters) Round Two (Victoria).
- Live Performance Support Program (Suppliers) Round Two (Victoria).
- HOMEFRONT 3 (ACT).
Find out more about COVID-19 business grants and financial support for business.
If you would like assistance or further information about COVID-19 business grants, please contact our team on 03 9708 8801 or email info@rvpartners.com.au for further information.
Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.
The information contained within this document is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Robinson Voss Partners (RV Partners) strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances.
