Confirmed NANE Tax Status For COVID-19 Grant Payments
Confirmed NANE Tax Status For COVID-19 Grant Payments
Payments made under the Victorian Government’s COVID-19 business grant programme have been deemed non-assessable, non-exempt (NANE) income and are thus tax-exempt.
Business owners who put off filing their tax returns for the 2021–22 fiscal year can rely on the fact that payments they received through COVID–19 grant programmes run by the Victorian Government do not need to be reported as income.
Several automatic payments made under Victorian COVID-19 assistance programmes during the lockdown period in the second half of 2021 are now included in legislation from the Australian Government.
If a firm receives payments or revenue that is classified as NANE, it is not obligated to pay tax on that money and is not required to report it on its tax return.
List Of All Payments Classified As NANE
Below is a list of all payments classified as NANE. The legislation is listed in the Federal Register of Legislation.
- Alpine Business Fund
- Alpine Resorts Support Program (Streams 1, 2 & 3)
- Business Continuity Fund
- Business Costs Assistance Program Round 2
- Business Costs Assistance Program Round 2 – July Extension
- Business Costs Assistance Program – Top Up – new (added 22 August 2022)
- Business Costs Assistance Program Round 3– new (added 22 August 2022)
- Business Costs Assistance Program Round 4 – new (added 22 August 2022)
- Business Costs Assistance Program Round 5 – new (added 22 August 2022)
- Business Support Fund Three
- Commercial Landlord Hardship Fund Three
- Impacted Public Events Support Program
- Impacted Public Events Support Program Round 2 – new (added 22 August 2022)
- Independent Cinema Support Program
- Licensed Hospitality Venue Fund
- Licensed Hospitality Venue Fund 2021
- Licensed Hospitality Venue Fund 2021 – July Extension
- Licensed Hospitality Venue Fund 2021 – Top Up Payments – new (added 22 August 2022)
- Live Performance Support Program
- Live Performance Support Program Round 2 (both Presenters and Suppliers streams) – new (added 22 August 2022)
- Melbourne City Recovery Fund – Small business reactivation grants
- Outdoor Eating and Entertainment Package
- Small Business COVID Hardship Fund
- Sole Trader Support Fund
- Sustainable Event Business Program
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