Is it Income?

Did you know there’s no threshold for business income? This means you need to lodge an income tax return even if you only earn $1.

Income can include money you receive from:

– EFTPOS, online, credit or debit card transactions
– cash, vouchers and coupons
– platforms or accounts, such as PayPal, WeChat or Alipay
– the sharing economy; For example, ride-sourcing, renting out a room or your apartment, or doing extra paid jobs
– government payments that are assessable, such as JobKeeper payments
– interest from business bank accounts
– capital gains made by your business
– other business activities or investments, such as income you receive from selling assets or leasing equipment.

Remember, if:
– you’re earning income through the sharing economy, how you report it will depend on the sharing economy activity
– you’ve received JobKeeper Payments, you need to report them as: business income in your individual tax return if you’re a sole trader, part of your business income if your business is a partnership, trust or company (you don’t need to include the payments as assessable income in your individual tax return).

If you need any assistance clarifying your income, please don’t hesitate to contact our team of expert accountants, or to get started download our Tax Checklist here.