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  • What to exclude from your business's assessable income

    Not all payments you receive are assessable income for income tax purposes. The following amounts are not assessable and don't need to be included as assessable income:

    • earnings from a hobby
    • gifts or inheritance
    • prizes and awards not related to your business
    • betting and gambling wins (unless you operate a betting or gambling business)
    • GST you have collected
    • money you have borrowed
    • money you contribute as the business owner
    • certain types of disaster recovery grants to eligible small businesses.

    See also:

    Last modified: 26 Jul 2019QC 44457