Types Of Income
If you are working than you will have to lodge the tax return as it’s the ATO requirement to declare income from all sources. Following are the categories of income that needs to be declare:
Income from employment:
The money you earn from your employment is the income you must declare in your tax return which may come from any of the following ways:
- Salary and Wages: your pay, commissions, parental leave.
- Allowances: travel, clothing, car.
- Lump sum payments: payments for leaving the job, payments of prior year pending income.
- Super contributions: payments by your employer in on your behalf in your super
Income from investment is as important to declare as the income from employment. The following type of investment needs to be declare in your tax returns:
- Interest: Interest on term deposits
- Dividends: Any dividend earn on your shareholdings in companies
- Rent: Any income you earn by renting your property
- Capital gains: The difference in the amount of purchasing the capital asset and disposing that asset.
The following type of foreign income needs to be declare:
- Foreign employment income
- Foreign pensions and annuities
- Foreign business income
- Foreign investment income
- Capital gains on overseas assets
Other income to declare includes the following:
- Business Income
- Compensation payments
- Insurance payments
- Prizes and awards
- Discounted shares under employee share schemes
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