Document ID: chunk:federal_register_of_legislation:C2021A00079:clause:3_2
Version: federal_register_of_legislation:C2021A00079
Segment Type: clause
Provision Reference: sch 3 cl 2
Character Range: 5100–6258

2  After section 59‑97
Insert:

59‑98  Commonwealth small business support payments relating to the coronavirus known as COVID‑19
 (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.