Types of income
When you do your tax return, you must include all of the income you received during the financial year. This includes salary, wages, payments from Centrelink, business income, bank interest and many other types of income.
Some examples of income you need to include are:
- employment income – such as salary and wages, allowances, bonuses, tips, fringe benefits, lump sum payments and super contributions
- Centrelink and other government payments, such as:
- the age pension
- the disability support pension (if you have reached the pension age)
- Abstudy (if you are 16 years or older)
- youth allowance
- Community Development Employment Projects (CDEP)
- carer payments (if you or the person you care for have reached pension age)
- investment income – such as bank interest
- business income
- other sources of income.
Some government payments are not taxed but you still need to include (declare) them on your tax return.
If you’re not sure about the income you need to include in your tax return, phone the Indigenous Helpline 13 10 30.
Income you must declare
Amounts you don’t include in your tax return
Some amounts do not need to be included on your tax return – for example, small gifts or prizes, lottery prizes, child support payments and native title payments.
Aboriginal and Torres Strait Islander people and Indigenous holding entities do not need to pay income tax or capital gains tax on native title payments or benefits.
When you do your tax return, you must include all of the income you received during the financial year, including salary and wages, government pensions and payments and other types of income. Some payments are not taxed but you still need to declare them.