Identify your business’ assessable income

As we approach tax season, it’s crucial to understand what income needs to be declared for your business. Here’s a quick guide to ensure you’re on track:

Include in Your Assessable Income:
- All gross income from business activities, including online sales and foreign income.
- Government payments, capital gains, and prizes.
- Non-cash payments, like goods or services received as barter.
Cash and Cash Equivalents:
- Report all cash earnings, tips, and any income from vouchers or bank interest.
Non-Cash and Barter Transactions:
- Include the market value of goods or services received as part of your business transactions.
Crypto Assets:
- Report the market value of crypto assets received or disposed of in your business.
Income from Online and Sharing Economy Activities:
- Include all income from online sales, content creation, or sharing economy platforms.
Foreign Income:
- Report all foreign income and convert it to Australian dollars.
Special Considerations:
- Commissions, investment earnings, and insurance payments are also assessable.

Non Assessable amounts:

- No need to report betting wins, hobby earnings, gifts, GST collected, non-assessable government grants, and personal loans or contributions.
- Some government grants, such as COVID-19 support payments and disaster relief grants, are NANE income and don’t need to be reported.

Need Help? If you’re unsure about any of these aspects or need assistance with your tax return, don’t hesitate to reach out to us. Our team of experts is here to help you navigate through your tax obligations and ensure everything is in order.

All information was sourced from ato.gov.au