Twitter
Other income | Gotax 2024
Other Income and your Income Tax. What does it mean?
Sometimes we receive Income and we can't quite slot in into the ATO's default categories within the Income Tax Return.
The Categories that already exist are:
Wages, Labour Hire, Eligible Termination Payments, Centrelink Benefits, Annuities and Super Income, Employee Share Schemes, Government Pensions and Allowances, Dividends, Super Lump Sum Payments, Foreign income, Managed Funds and Capital Gains. If you have income that hasn't found a home in any of those categories then the last remaining option is the "Catch the rest" called Other Income.
OTHER INCOME
Other Income generally consists of the following types of Income. This list is not exhaustive. If you have a type of income that just doesn't fit anywhere, then it's new home will be "Other Income". In the Gotax system it's the last Income category as you go through the Income Screens.
Specifically OTHER INCOME includes:
- Superannuation Funds: An amount released by one or more of your superannuation funds greater than the liability stated on a release authority.
- Sharing Economy: Income you earned from the sharing economy or other marketplaces, except income from rent1.
- Jury Attendance Fees: Payments received for attending jury duty.
- Foreign Exchange Gains: Profits made from foreign currency exchange.
- Royalties: Payments received for the use of your work, such as a book, a piece of music, a patent, or a trademark.
- Friendly Society Income Bonds: Bonus amounts distributed from friendly society income bonds.
- Educational Awards: Taxable scholarships, bursaries, grants, or other educational awards.
- Investment-Related Prizes: Benefits or prizes from investment-related lotteries and some game-show winnings.
- Special Professional Income: Income from activities as a special professional, such as an author of a literary, dramatic, musical or artistic work, inventor, performing artist, production associate, or active sportsperson.
- Reimbursements: Reimbursements of tax-related expenses or election expenses which you have claimed as a deduction.
- Depreciating Asset Balancing Adjustment: Any assessable balancing adjustment when you stop holding a depreciating asset.
- Income Protection Payments: Payments made to you under an income protection, sickness or accident insurance policy where the premiums were deductible and the payments replaced income.
- Traditional Securities: Gains derived on disposal or redemption of traditional securities that are assessable.
- Local Government Council Payments: Allowances or payments you received as a member of a local government council.
- Services Australia Payments: Other taxable allowances or payments you received from Services Australia.
Please note that this list is not exhaustive and there may be other types of income that fall under the “Other Income” category. Consult directly with Gotax or the Australian Taxation Office for the most accurate information.
Leave a Comment