What to exclude from your assessable income

The following amounts are not assessable and do not need to be included in your assessable income:

  • amounts you earned from a hobby
  • gifts or amounts bequeathed to you
  • prizes 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
  • any money you have borrowed
  • most payouts from your own personal income protection insurance policy.

See also:

Last modified: 13 Mar 2015QC 44457