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  • Assessable income

    If you are carrying on a business, most income you receive is assessable for tax purposes. This includes all your gross earnings, or proceeds from the ordinary course of your business, including net capital gains and foreign income.

    Other amounts, that may not be part of the everyday running of your business like amounts owed to you, and the changes in value of trading stock, may need to be considered when calculating assessable income.

    Assessable income does not include GST you have collected. Other exceptions include income received from activities not related to your business, such as earnings from a hobby.

    Note: Your accounting method may affect which amounts must be included in an income year.

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    Last modified: 26 Jun 2018QC 44439