grant

(in relation to arrangements) An arrangement for the provision of financial assistance by the Commonwealth or on behalf of the Commonwealth:

under which relevant money or other CRF money is to be paid to a recipient other than the Commonwealth

which is intended to assist the recipient achieve its goals

which is intended to help to address one or more of the government's policy objectives and

under which the recipient may be required to act in accordance with specified terms or conditions.

The CGRGs exempt certain arrangements from the definition of a grant, and therefore from the CGRGs, including procurements, tax concessions, loans, investments, certain intergovernmental payments and international official development assistance.

(in relation to accounting) A payment made by a Commonwealth entity for the purpose of distributing government financial assistance to persons outside the public sector. Grants also include non-monetary distribution of benefits. No consideration is received by the entity for the issuing of a grant.

All grants (monetary and non-monetary) must be reported by entities at fair value and not at nominal amounts, consistent with the Australian Accounting Standards and the FRR.

Last updated: 13 January 2016