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  • Estimating your instalment income

    Generally, instalment income is your gross business and/or investment income. Your instalment income for the year includes:

    • gross sales
    • gross fees for services
    • interest received or credited to a bank account
    • gross rent
    • dividends received or reinvested on your behalf
    • royalties
    • your proportion of any partnership income
    • your proportion of any trust income
    • assessable foreign pensions
    • income that an amount has been withheld from because you did not provide your tax file number (TFN) or Australian business number (ABN)
    • any amount you withdrew from a farm management deposit
    • fuel tax credits
    • capital gains (only if you are a superannuation fund or self-managed super fund).

    Instalment income does not include:

    • GST, wine equalisation tax (WET) or luxury car tax (LCT) you charge your customers, clients or tenants
    • any income such as salary and wages, where amounts have been withheld or should have been withheld under the PAYG withholding system (except income where amounts have been withheld because you did not provide your TFN or ABN)
    • any franking credit recorded on a dividend statement
    • any amount that is only deemed to be a dividend under a specific provision of the income tax laws
    • capital gains (however, capital gains should be included if you are a superannuation fund or self-managed super fund)
    • exempt income
    • payments made and non-cash benefits provided in relation to the National Rental Affordability Scheme
    • grants under the energy grants credits scheme including the fuel sales grant, the product stewardship (oil) benefit and the cleaner fuels grant scheme.

    If you are a beneficiary of a trust or in a partnership, there are special rules for working out the amount to include in your instalment income for each quarter.

    See also:

      Last modified: 14 Mar 2018QC 16159