All the taxpayers are required to lodge Income Tax Return by 31st October 2018 for the tax return 2017-2018 financial year. Every taxpayer needs to report income from all sources of Australia and if you are Australian resident the income from foreign sources as well.
What incomes do I need to show in my tax return?
Salary and wages includes:
- Full time, Part Time or Casual pay weather weekly, fortnightly or monthly pay
- commissions and bonuses (including retention bonuses to remain with your employer)
- parental leave pay or dad-and-partner pay
- payments from Income proptection poliies and other insurances
Allowances and other employment income
- Allowances which are separately identified payments made to you by your employer including
- car allowance,
- travel allowance,
- clothing and laundry allowance
- Other Special Allowances
- Interest – Check your online banking
- Dividends – Check your dividend statements and online reports
- Rent – Rental report from property agent or self prepared report.
- Managed investment funds – Check Annual Tax Statement
- Capital gains – Depending on the sale of shares, property, business or other assets.
Income from Business, Partnership and Trust
- You need to calculate your Profit or Loss from business conducted as a Sole Trader with personal ABN [Australian Business Number]
- Distribution of partnership – Check Partnership financials or Partnership tax return
- Trust Distribution – Check Trust distribution declaration or Trust Tax Return.
The Sharing economy
- UBER – providing taxi travel services through ‘ride-sourcing’
- AIRBNB – renting out a room or house for accommodation
- PARKING APPS – renting out parking spaces
- FREELANCERS WORKING ONLINE – providing skilled services (for example web or trade services)
- AIRTASKER -supplying equipment, tools, etc ,completing odd jobs, errands, deliveries, etc.
Lump sum payments
- Lump Sum Payments like – unused annual, long service leave or special leave
- Any back payments or Termination Payment
Reportable fringe benefits and super contributions
- Reportable fringe benefits given to you by your workplace for reporting purposes only – This would usually be stated in your Group certificate or PAYG Summary
Reportable super contributions made on your behalf by your employer.
Super pensions, annuities and government payments
- These incomes are pensions paid to you as a super income stream, annuities and some government payments.
- A pension is a series of regular payments made as a super income stream or other pensions.
- An annuity is usually a series of regular payments made in return for a lump sum payment. Such as Life Insurance
- Disability support pension
- Child disability payment
- Carer payment
- Veterans’ Affairs disability pensions and allowances.
- Australian tax resident is taxed on worldwide income which can include following foreign incomes:
- Foreign pensions and annuities – Check the double tax agreements between countries.
- foreign employment income – Jobs completed in foreign soil – physically or remoteley
- foreign investment income – Rental Properties and other investments including Shares and Managed funds or Cash
- foreign business income – Profit from foreign business under your name
- capital gains on overseas assets. – Sale of overseas assets.
- Bitcoin etc
- Crowdfunding incomes