If you haven’t finalised your tax return, you need to do so before October 31 2023. However, sometimes the form can be daunting, particularly if you’re unsure what to declare regarding income.
Certain types of income must be declared on your tax return. Whether your income results from a side hustle, a full-time or part-time position or even as a casual, it must be declared. Income that needs to be declared include:
Salary and wage payments you need to declare in your tax return include:
If you are an employee of an Australian Government agency (and not a member of a disciplined force), the income you earn from delivering Australian official development assistance must be included.
You may receive allowances or other payments concerning your employment that you need to declare in your tax return. These payments may include:
A lump sum payment is a one-time payment that is taxed and reported differently to your salary and wage income.
You may receive a lump sum payment:
Lump sum payments are included as assessable income in your tax return in the income year you receive the payment.
You need to declare:
You don’t have to pay tax on these amounts. The ATO uses these amounts to determine whether you can receive certain government benefits and tax offsets.
If you have questions about declaring your income or whether certain income may be exempt, it’s best to consult with us, your trusted tax advisers.