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.