Since late July, you may have noticed that most of your income has been pre-filled with information obtained by the ATO from employers, government agencies, and other financial institutions.
However, some income may need to be manually entered before you lodge. At Rands Financial Services, we ensure that all income is included, such as business income, government payments, investment income, and trust distributions.
To assist you, we have listed the types of income you must declare in your tax return below;
Declare income from your employer, including wages, cash, allowances, and fringe benefits or super contributions.
Government Payments and Allowances
Identify which taxable and non-taxable government payments, pensions, and allowances you must report on your tax return.
Evaluate which investment income, such as interest, dividends, rental income, or other capital gains, must be declared.
Super Pensions and Annuities
Review to see which super pensions or annuities you must declare as assessable income if you receive them as a super income stream.
Business, Partnership, and Trust Income
Evaluate to see how to declare income earned as a sole proprietor, a partner in a partnership, or a trustee in your tax return.
Foreign and Worldwide Income
Evaluate whether you must declare any foreign income or pay tax on any worldwide income you receive.
Other Sources of Income
Evaluate whether you must report compensation and insurance payments, discounted ESS shares, or prizes and awards.
The money you raise through support for a project or venture.
The Sharing Economy
Activities involving the exchange of assets or services for a fee via a digital platform.
Personal Services Income
Income gained from your own efforts or skills, such as construction workers or medical practitioners.
We are here to assist you!
Get in touch with our Qualified Tax Agents at Rands Financial Services to help you with your income tax returns and accounting requirements.
We specialize not only in individual tax returns but also in small business tax returns such as partnership tax returns, company tax returns, and trust tax returns, as well as tax returns for sole traders.