What income is included in your tax return?

You need to include all the income you received during the income year in your tax return. This includes salary and wages, government payments, investment income and bank interest.

These include but are not limited to

·         Income from your job

·         Some Government payments

·         Some Insurance payouts

·         Investment income

·         Rental income

·         Interest income

·         Compensation paid from financial institutions

·         Sharing Economy Income

Income from your job

You are required to disclose all salary and wages as shown in you income statement, this is usually provided to the ATO through your employer with your tax file number

Government Payments such as…

Job Keeper, pensions, Austudy and Youth allowance, this should be automatically pre-filled into your tax return however it is important to review this information

Investment income

You must declare income you earn from investments in your tax return. Most dividends from publicly trading entities will be pre-filled in your tax return, we recommend ensuring your TFN is linked to your investment so it is easily picked up on your ATO pre-filling report.

If you dispose of any investments or property, you may be required to include the capital gain or loss in your tax return.

Rental income

If you own a rental property you are required to include your full share of the amount of rent earned and all rental-related income in your tax return. Rental-related income may include items like bonds withheld and insurance payouts. You may also be intitled to claim a deduction for expenses that are incurred while your property is being rented or genuinely available for rent

Sharing Economy Income

The most common sharing economies are ride sharing or delivery services such as Uber, Deliveroo and Airtasker. All employees and contractors that work for a sharing economy will need to ensure they are reporting all income from these platforms.

For more information on what income to include in your tax return visit the ATO.