Guide to income you must declare

Business, partnership and trust income

The net income you receive from carrying on your business is assessable income and you need to declare it on your tax return.

Income as a sole trader (self employed) Income earned by you as a sole trader is shown on your individual tax return using a separate business schedule.

For more information on carrying on a business and declaring business income, refer to Starting a business essentials.

Income from a partnership

A partnership does not pay tax on its income, but must complete a partnership tax return. Each partner shows their share of the partnership's net income in their individual tax return and pays tax on that share.

Income from a trust

A trust is not a separate taxable entity, but the trustee is required to lodge a tax return for the trust. Generally, the trust income is taxable to the beneficiaries who are entitled to receive that income, and the income is shown in their individual tax returns.

Income from a company

If you run your business as a company, you may have received salary, wage, directors fees, dividends or other forms of benefits which you may have to show on your tax return.

Income you must declare - home

Sections within Business, partnership and trust income

• Income from a partnership
• Income from a trust
• Income from a company