16th December 2020 | Business
What do commission income, incentive payments and dividends from investments have in common? If you are carrying on a business, most income you receive is assessable for income tax purposes. The total amount is referred to as assessable income (or total income). They’re all examples of assessable income that small businesses need to report in their tax return!
Find out about the ins and outs of what you need to declare.
- all gross income (before tax) from your everyday business activities, including sales made over the internet, income from sales (cash and electronic) and foreign income. Gross income doesn’t include goods and services tax (GST).
- all other business income that is not part of your everyday business activities, including changes in the value of the trading stock, capital gains, isolated transactions intended to make a profit, and cash prizes for your business.
If you aren’t sure how this information applies to your situation, ask us how info@ax3.com.au