Income you must declare

Income you must declare

All Australians need to declare income on their tax return each year in order to complete their return accurately and avoid possible penalties. Most of this information is pre-filled from details we receive from employers and financial institutions, but there is some information that will need to be recorded manually. It important that all information provided relating to your personal tax return is accurate and legitimate. Making false claims can result in serious consequences from the ATO.

 

Below are the types of income you need to declare:

  • Employment income
  • Super pensions, annuities and government payments
  • Investment income (including interest, dividends, rent and capital gains tax)
  • Business, partnership and trust income
  • Foreign income
  • Crowdfunding
  • Compensation and insurance payments
  • Discounted shares under employee share schemes
  • Prizes and awards