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WHAT ARE THE TYPES OF INCOME YOU NEED TO DECLARE

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23
May

Income means an amount, gift or allowance you earn, derive or receive for your own use or benefit. While doing your tax return, you need to declare all your income you received during the financial year. Some examples of income you need to declare are listed below:

  • Your employment income such as salary and wages, allowances, bonuses, tips, lump sum payments, fringe benefits and super contributions;
  • Centrelink and other government payments, such as age pension, disability support pension, Austudy, youth allowance, carer payments etc.;
  • Investment income such as interest, dividends, rent and capital gains tax etc.;
  • Business, partnership and trust income; 
  • Foreign income;
  • Crowdfunding-income from fund rise;
  • Other income such as compensation and insurance payments, discounted shares under employee share schemes and awards & prizes etc.

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