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    Income You Must Declare

    Your income is declared on your tax return each year. Most of this information is pre-filled from details we receive from employers and financial institutions, but there is some you will need to record manually.

    Regardless of whether your income is pre-filled or manually entered, you need to make sure it is accurate and complete.

    The links below provide information on the types of income you need to declare:

    • Employment income
    • Super pensions, annuities and government payments
    • Investment income (including interest, dividends, rent and capital gains tax)
    • Business, partnership and trust income
    • Foreign income
    • Crowdfunding
    • Other income – including compensation and insurance payments, discounted shares under employee share schemes, and prizes and awards.

     

    Amounts not included as income

    You may have received amounts that aren’t subject to tax, so they aren’t included as part of your assessable income, but they may be used in other calculations on your tax return.

    The tax treatment of these amounts depends on whether they are classified as:

    • Exempt income
    • Non-assessable non-exempt income
    • Other amounts that are not taxable

    Exempt Income

    Exempt income is income on which you don’t need to pay tax. However, exempt income may be taken into account when calculating the tax losses of earlier income years that you can deduct and the adjustable taxable income of your dependants.

    Exempt income includes:

    • Certain Australian Government pensions, including the disability support pension paid by Centrelink to a person who is under age-pension age
    • Certain Australian Government allowances and payments, including the carer allowance and the child care benefit
    • Certain overseas pay and allowances for Australian Defence Force and Federal Police personnel
    • Australian Government education payments, such as allowances for students under 16 years old
    • Some scholarships, bursaries, grants and awards
    • A lump sum payment you received on surrender of an insurance policy (for mortgage protection, terminal illness or a permanent injury occurring at work) where you are the original beneficial owner of the policy. Typically these payments are not earned, expected, relied upon or occur periodically.

     

    Source: https://www.ato.gov.au/Individuals/Income-and-deductions/Income-you-must-declare/

    A calculator to calculate taxes.