Not all payments you receive are assessable income for income tax purposes. If a payment you receive is not assessable income, you do not need to include it in your return.
List of non-assessable amounts:
The following amounts are not assessable, for example:
betting and gambling wins (unless you operate a betting or gambling business)
earnings from a hobby
gifts or inheritance
GST you have collected
non assessable non-exempt government grants
prizes and awards not related to your business
money you have borrowed
money you contribute as the business owner.
Non-assessable non-exempt government grants:
Some business support grants are non-assessable, non-exempt (NANE) income. If a business support grant you receive is NANE, you do not include it in your income tax return and you do not pay tax on it.
For additional information from the Australian Taxation Office (ATO) on Non-assessable non-exempt grants please use the link provided below.
https://www.ato.gov.au/Business/Income-and-deductions-for-business/Assessable-income/What-income-to-exclude/
Please contact our office should you have any queries in relation to the above.