Tax return tips- Income

Tax return tips- Income

Income that must be declared

The taxability of some forms of income may seem obvious, but in keeping with our objective of being thorough, here is a list of common types of income that must be declared on your tax return. (This remains the case even if the amount of income has been affected by the COVID-19 crisis.)

  • Employment income (including any JobKeeper payments)
  • Super pensions, annuities and government payments
  • Investment income (including interest, dividends, rent and capital gains)
  • Business, partnership and trust income
  • Foreign income
  • Income from crowdfunding (for example donations received for a venture in which you intend to make a profit)
  • Income from the sharing economy (for example Airtasker, Uber or Airbnb)
  • Other income, including compensation and insurance payments, discounted shares under employee share schemes, some prizes and awards.
  • JobSeeker or other relevant welfare payments

Check with us if you are unsure about any of these payments.