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Assessable income

Assessable income
Most income you receive in carrying on your business is assessable, but there are some exceptions. End-of-year amounts, such as amounts owed to you, and the value of your trading stock, may also need to be considered when calculating your income.
Income and deductions
Income tax is paid on money you receive, such as salary and wages, Centrelink payments, and investments. The amount of tax you pay depends on how much income you receive. You may be able to reduce the amount of tax you pay by claiming certain expenses you incurred in earning your income
Prior years individuals tax return forms & schedules
A list of prior year individuals tax return forms and schedules from 1984 onward for use in prior year tax returns.
What is income?
This page defines and provides an explanation of assessable, exempt and taxable income.