• 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