22 May 202111:17 AM - edited 22 May 202112:17 PM
I have a question around how to approach US government grants in the BAS.
We are the recipient of a grant from the US government. The grant is income tax exempt and not subject to GST. We do not provide specific goods or services in return for the grant, it has been provided to help complete our research and development works.
I see government grants listed as "do include" in the G1 section of the BAS but that explicitly states where goods and services are provided in return for the grant which isn't the case here.
We also received a small interest payment (under $15) from the US government due to a clerical issue on their end which caused late payment of the grant funding. I am also unsure if this should be included in G1 or not.
Any guidance you could provide would be greatly appreciated