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More COVID-19 business grants are now tax-free

Federal Government expands tax-free status of more COVID-19 grant programs

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.

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).
Related reading

https://www.omnisgroup.com.au/business-support-services/pandemic-leave-disaster-payment-reinstated/

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Justin Flavel

Managing Director

Justin’s experience spans across 20 years in accounting, financial analysis and general business practice.

Although born and bred on the land, Justin’s interest was more in spreadsheets, ledgers, and finance which led him to attend university. In 1992, Justin graduated with a Bachelor of Business majoring in Accounting and Finance. As well as qualifying as a CPA member and becoming a Fellow of the Taxation Institute of Australia, he began gaining practical experience in small and mid-tier accounting practices.

During the late 90s, Justin decided to expand his horizons and travel through Europe. It was during this time that he seized the opportunity to expand his knowledge on the workings of large organisations by taking on roles in multinational corporations.

Today, Justin’s passion is in facilitating businesses to grow and evolve. His focus is on acting in the role of business mentor to help clients develop the full potential of their businesses. He joins clients on their unique journey, and provides the tools and knowledge they need along the way to make the right decisions.

Justin’s aim for his clients parallels his own philosophy and personal journey—focusing on his own career growth and business success while maintaining balance in his life with his wife and three daughters.

Omnis Group Managing Director - Justin Flavel