Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 59.98

  (1)   A 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.

  (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.