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 program administered by the Commonwealth or an authority of the Commonwealth; and (b) the program is declared under subsection (2) 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 2021-22 *financial year; and (d) the entity is a *small business entity, or an entity covered by subsection 59-97(2) , for the income year in which the entity receives the payment.
59-98(2)
For the purposes of paragraph (1)(b) , the Minister may, by legislative instrument, declare a program to be an eligible program if the Minister is satisfied that the program is, in effect: (a) responding to economic impacts of the coronavirus known as COVID-19; and (b) directed at supporting *businesses the operations of which have been significantly disrupted as a result of a public health directive.
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