What Types of Income do I Need to Declare on My Tax Return?

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For most people who hold full-time work positions, much of the information for their tax returns is pre-filled based on information that the Australian Taxation Office (ATO) receives from employers or from financial institutions such as banks.

However, one’s employment income isn’t the only one that needs to be declared when filing time rolls around. Under law, all types of income earned within a fiscal year need to be declared on one’s tax forms. To know more, refer to the list below.

Types of Taxable Income

  • Employment Income is defined as monies earned as compensation for work, either from a full-time, part-time, or freelance position. The term covers the following items:
    • Salaries and wages;
    • Allowances for related expenditures such as travel, clothing, and education;
    •  Lump sum payments; and
    • Related benefits and super-contributions.
  •  Super Pensions and Annuities include all payments made as a super income stream, but excludes government payments such as age pensions. These may include any of the following:
    • Payments given out by a life insurance company, Australian super fund, or banks that offer a retirement savings account (RSA);
    • Pensions meted out by funds specifically created for employees of the Commonwealth (state or territory) and their dependents; and
    • Payments made upon the death of a spouse, partner, or other close relative.
  • Allowances or Government Payouts include the following items:
    • Standard Pensions
      • Age Pension
      • Invalidity Service Pension
      • Disability Support Pension
      • Veteran Payments
    • Defence Force Income Support Allowance
    • Support Allowances
      • Carer Payments
      • AUSTUDY
      • Newstart
      • JobSeeker Payments
      • Youth Allowance
    • Social Welfare Allowances
      • Sickness Allowance
      • Disaster Recovery Allowance
      • Parenting Payment
  • Investment Income, including earnings from interest, dividends, rent, and capital gains
  • Income from businesses, partnerships, or trusts
  • Income earned overseas

Note that you may also need to declare your earnings from crowdfunding, income from personal services under a labour-hire arrangement, insurance compensation, discounted corporate or industrial shares, and any cash prizes or awards won within the fiscal year.

Related: What Does Balancing Account Mean When Submitting an ATO Tax Return?

Nilesh Vasoya

Nilesh Vasoya

Nilesh Vasoya is a CPA and experienced business advisor with 15+ years’ experience in accounting and tax, and certifications from NTAA, ICAI (India). He is also a Registered Tax and ASIC Agent. Nilesh specialises in financial reports, cash flow, taxation advice, internal audit, account reconciliation, and advice for small businesses on maximising XERO, MYOB, and QUICKBOOKS. He is experienced in developing strategies for growth within small-medium scale companies.

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