I am trying to ascertain if the Melbourne Accelerator Program - which awards a $20,000 grants to start-up businesses, is assessable income?
The grant money comes from Melbourne University, and the start-up must supply an invoice to receive the funds.
As they are a start-up, the funds are to assist in the commencement of the business.
The grant is not COVID related, so it is not easy to find any information on whether it is assessable or not.
Thanks!
Hiya @SharonKing,
Grants are assessable income, unless they are expressly stated as being tax-free (usually government grants). If you are unsure, the university should be able to advise you if the grant is tax free or not.
What to include in your business's assessable income.
Hiya @SharonKing,
Grants are assessable income, unless they are expressly stated as being tax-free (usually government grants). If you are unsure, the university should be able to advise you if the grant is tax free or not.
What to include in your business's assessable income.
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