Show download pdf controls
  • 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 in your assessable income:

    • earnings from a hobby
    • gifts or inheritance
    • prizes and awards that are 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.

    See also:

    Last modified: 03 Apr 2017QC 44457