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  • What to exclude from your assessable income

    Not all payments you receive are assessable income for your business tax purposes. The following amounts are not assessable and do not 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)
    • goods and services tax (GST) you have collected
    • money you have borrowed
    • money you contribute as the business owner.

    See also:

    Last modified: 26 Jun 2018QC 44457