Disclosing other assessable income
– 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.
– 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.
– Ensure you correctly disclose all assessable income on your tax return.