Many people get confused about what income they should declare when they file their tax return. They keep on scratching their heads, without understanding anything. So, KPG Taxation experts have started compiling all the information related to Income declaration from the ATO’s website.

According to ATO, you must declare the income you have received for each financial year on your annual tax return. Most income is pre-filled from information ATO receives from employers and financial institutions. However, there may be some information we will enter manually.

Regardless of whether your income is pre-filled or manually entered, you need to make sure it is accurate and complete.

The types of income you need to declare are:

• Employment income
• Super pensions and annuities
• Government payments and allowances
• Investment income (including interest, dividends, rent and capital gains tax)
• Business, partnership and trust income
• Foreign income
• Other income – including compensation and insurance payments, discounted shares under employee share schemes, and prizes and awards.

You also need to declare any money or earnings you receive from:

• Crowdfunding
• The sharing economy and tax
• Personal services income relating to labour-hire payments.

For any tax related queries feel free to visit KPG Taxation, Shepparton

Address: Suite 1, 12-14 Fryers Street, Shepparton VIC 3630, Australia

Phone: 03 9706 9313

Email: info@kpgtaxation.com.au

ORCall 03 9706 9313, or book online at www.kpgtacation.com.au and your tax agent will be in touch to help.