Is it income?
Did you know there's no threshold for business income? This means you need to lodge a tax return even if you only earn $1. Income can include money you receive from:
- EFTPOS, online, credit or debit card transactions
- cash, vouchers and coupons
- platforms or accounts, such as PayPal, WeChat or Alipay
- the sharing economy; For example, ride-sourcing, renting out a room or your apartment, or doing extra paid jobs
- government payments that are assessable, such as JobKeeper payments
- interest from business bank accounts
- capital gains made by your business
- other business activities or investments, such as income you receive from selling assets or leasing equipment.
- you're earning income through the sharing economy, how you report it will depend on the sharing economy activity
you've received JobKeeper Payments, you need to report them as:
- business income in your individual tax return if you’re a sole trader
- part of your business income if your business is a partnership, trust or company (you don’t need to include the payments as assessable income in your individual tax return).
The Money Edge | Bundaberg