Disclosing other assessable income

Are you?
– A taxpayer?

At a glance:
– The Tax Office has compiled a list of income items to be disclosed under the other income label of the income tax return.

You should:
– Be aware of ‘other income’ you need to declare.
– Contact us if you require any clarification or advice.

Assessable income that may be required to be disclosed under the other income label of the tax return, includes:

• Compensation and insurance payments for lost salary or wages;
  • Under an income protection policy;
  • Sickness or accident insurancepolicy;
  • or Workers compensation scheme
• Prizes and awards in a draw run by your bank, building society, credit union or other investment body. Prizes can be cash, low-interest or interest-free loans, holidays or cars; and
• ATO interest – remissions or recoupments.

For more information, click here.

Remember:
– Ensure you correctly disclose all assessable income on your tax return.