24 Other income 2014
Did you receive any other income?
This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.
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Other income includes:
- an amount released by one or more of your superannuation funds greater than the liability stated on a release authority.
- lump sum payments in arrears; do not include lump sum payments in arrears relating to superannuation income streams, show them at item 7
- jury attendance fees
- foreign exchange gains
- bonus amounts distributed from friendly society income bonds
- taxable scholarships, bursaries, grants or other educational awards
- benefits or prizes from investment-related lotteries and some game-show winnings
- income from activities as a special professional (author of a literary, dramatic, musical or artistic work, inventor, performing artist, production associate or active sportsperson); amounts you have already included at item 1, 2, 13, 14 or 15 may also have to be shown here as you may be entitled to a concessional rate of tax if you have certain amounts of professional income; you will not be taxed twice on these amounts
- reimbursements of tax-related expenses (including amounts imposed by us as an interest charge) or election expenses which you have claimed as a deduction
- any assessable balancing adjustment when you stop holding a depreciating asset (for example, because of its disposal, loss or destruction) for which you have claimed a deduction for depreciation or decline in value in previous years; your car is a depreciating asset
- payments made to you under an income protection, sickness or accident insurance policy where the premiums were deductible and the payments replaced income; do not include payments from which tax has been withheld which you have already shown at item 1, or payments which have been shown on a payment summary which you have already shown at item 2
- interest from infrastructure borrowings if you intend to claim a tax offset at item T10
- gains derived on disposal or redemption of traditional securities that are assessable under section 26BB of the Income Tax Assessment Act 1936
- allowances or payments you received as a member of a local government council that you have not shown at item 1 or 2
- other taxable allowances or payments you received from the Department of Human Services that you have not shown at item 5 or 6 - such as the transitional farm family payment and interim farm household allowance.
- work-in-progress amounts assessable under section 15-50 of the Income Tax Assessment Act 1997 that you received and have not included at item 15 Net income or loss from business.
For an explanation of many of these types of income, see You need to know below. If you have income not listed here that you are unsure about, search this site or phone 13 28 61.
Do not show at this item:
- foreign exchange losses
- rental income or losses
- business income or losses
- partnership income or losses
- capital gains or capital losses, or
- discounts on shares, stapled securities (provided at least one of the stapled interests is a share in a company) or rights to acquire shares or such stapled securities, acquired under an employee share scheme.
Other questions deal with these matters.
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You need to know
An amount released by one or more of your superannuation funds which is greater than the liability stated on a release authority
If you use a release authority that we give you to withdraw an amount from your superannuation fund, the payment is tax free unless you withdraw an amount greater than the liability printed on the release authority.
You must include the excess of the total amount released to you over the liability printed on the release authority in your assessable income for the income year in which you withdrew the money.
For further information see Super contributions - too much super can mean extra tax.
Lump sum payments in arrears
These payments relate to an earlier income year or years and should normally be shown at 'E' on your PAYG payment summary - individual non-business or at 'E' on your PAYG payment summary - foreign employment.
Include at this item any lump sum payments you received in relation to the following:
- back payments of salary or wages that accrued in a period more than 12 months before the date of payment
- salary or wages that accrued during a period of suspension and were paid to you on resuming duty
- back payments of non-superannuation annuities that accrued, in whole or in part, in an earlier year or years of income
- back payments of repatriation and social welfare pensions, allowances or payments, including those paid by foreign governments
- back payments of periodical workers and accident compensation payments but not payments made to the owner of the policy
- back payments of Commonwealth education or training payments.
You may get a tax offset if you received certain lump sum payments in 2013–14. We will calculate the tax offset for you. You need to provide additional information. Print SCHEDULE OF ADDITIONAL INFORMATION - ITEM 24 on the top of a separate piece of paper and show the amount of the payment in arrears for each income year involved. Include your name, address and tax file number. Print X in the Yes box at Taxpayer's declaration question 2 on page 10 of your tax return. Attach your schedule to page 3 of your tax return. If you did not need to lodge a tax return for the two most recent years that the payment related to, include on your schedule details of what your taxable income, including your lump sum payments in arrears, would have been had you lodged tax returns in those two years.
If you have received a PAYG payment summary - foreign employment showing an amount at 'Lump sum E' on which foreign tax has been paid you will also need to include the amount at U item 20. You will not be taxed twice on this amount.
Jury attendance fees
Include any jury attendance fees you received here. Do not include attendance fees if you had to pay the fees to your employer because you received your normal income while on jury duty. Do not include any travel and meal allowances that were included in the jury fees anywhere on your tax return.
Foreign exchange gains
Unless you carried on a business and have included all your foreign exchange gains (forex gains) in calculating your business net income or loss at item 15, your forex gains must be shown at this item (except any foreign source forex gains that you have included at item 20).
Under the forex measures, gains attributable to a fluctuation in a currency exchange rate or to an agreed exchange rate differing from an actual exchange rate are included in assessable income. The gains are assessable when they are realised. This is when:
- you dispose of foreign currency or a right thereto
- you cease to have a right to receive or pay foreign currency, or
- you cease to have an obligation to pay or receive foreign currency.
Some forex gains are not assessable, and in some circumstances, you might make an election that affects the realisation or treatment of a forex gain. These are set out at Foreign exchange (forex): overview together with more information about the forex measures and how to calculate your foreign exchange gains.
If you had a deductible foreign exchange loss, go to question D15 Other deductions.
If you were an Australian resident for tax purposes in 2013–14, include at this item income from royalties that has not been included at either item 15 or 20.
Bonus amounts distributed from friendly society income bonds
You must include at this item any bonus amounts distributed from a friendly society income bond. Your friendly society income bond distribution statement will advise you of the amount to include.
Taxable scholarships, bursaries, grants and other educational awards
Include at this item any income from a scholarship, bursary, grant or other award that you have to pay tax on, unless you have already shown it at item 1 or 2, or in calculating your business net income or loss shown at item 15. If you are not sure about a payment, contact the organisation that paid you. If you then need more information, phone 13 28 61.
If you received a taxable bonded scholarship you may be able to claim the self-education expenses you incurred in meeting the study requirements of the scholarship. For more information go to D15 Other deductions.
Benefits or prizes from investment-related lotteries and some game-show winnings
You must include at this item the value of benefits or prizes you received from an investment-related lottery offered by an investment body such as a bank, building society or credit union. Prizes can include cash, low-interest or interest-free loans, holidays or cars.
Do not include prizes won in ordinary lotteries, for example, lotto draws, caskets and raffles. Do not include prizes won in game shows unless you regularly receive appearance fees or game-show winnings.
Income from activities as a special professional
If you are a special professional, you must include your taxable professional income at this item.
A special professional is an author of a literary, dramatic, musical or artistic work, an inventor, a performing artist, a production associate or an active sportsperson. As a special professional, you may be entitled to a concessional rate of tax where your taxable income includes certain amounts of professional income which, when added to your other income, moves you into a higher tax bracket.
You are entitled to this concession in 2013–14 if:
- you were an Australian resident and
- you were a special professional and
- your taxable professional income was more than $2,500 in the first year that this concession applied.
Reimbursements and recoupments of tax-related expenses or election expenses which you have claimed as a deduction
If you received a reimbursement or refund in 2013–14 of any tax-related expenses or election expenses which you have claimed, you must include the amount at this item.
This question also applies to any remission of an ATO interest or underestimation charge. If you claimed or can claim a deduction for an interest or underestimation charge incurred in 2012–13 or earlier years and received a remission (a partial or full reduction) of that charge in 2013–14, you must include the amount of the remission at this item. Similarly, if you are claiming at item D10 a deduction for an interest charge incurred during 2013–14, and some or all of it was remitted during the 2013–14 year, you must include the amount of the remission at this item. You must also include any remissions of goods and services tax (GST) and pay as you go (PAYG) instalment underestimation charge at this item.
Assessable balancing adjustment
You must include at this item any assessable balancing adjustment when you stop holding a depreciating asset (for example, when it is sold, lost or destroyed) for which you have claimed a deduction for depreciation or decline in value in previous years. You may be entitled to a deduction if an employee or agent misappropriates some or all of the amount that you received, or were entitled to receive, as a result of you no longer holding the depreciating asset. The Guide to depreciating assets 2014 explains how to make assessable balancing adjustment calculations.
Gains derived on disposal or redemption of traditional securities
The gains derived on disposal or redemption of traditional securities are assessable under section 26BB of the Income Tax Assessment Act 1936 (ITAA 1936).
For more information, see the section on Sale or disposal of company bonds and convertible notes in You and your shares 2014 (NAT 2632).
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Other allowances and payments from the Department of Human Services
You must include at this item any taxable allowances and payments from the Department of Human Services that you have not already shown at item 5 or 6 - such as the transitional farm family payment and interim farm household allowance.
Completing this item
From the list below, work out whether the income you received is a category 1 or category 2 type of income.
Types of income
- Lump sum payments in arrears except lump sum payments in arrears relating to superannuation income streams
- Foreign exchange gains
- Benefits or prizes from investment-related lotteries and some game-show winnings
- Reimbursements of tax-related expenses or election expenses
- Any assessable balancing adjustment when you stop holding a depreciating asset
- A gain on the disposal or the redemption of traditional securities that is assessable under section 26BB of the ITAA 1936
- Work-in-progress amounts assessable under section 15-50 of the Income Tax Assessment Act 1997
- Any income not described in category 1
Category 2 income shown at this item and certain amounts of income from some other items are used in working out whether you have to pay PAYG instalments and, if so, your instalment rate.
If you have only one type of income in either category, print a description in the relevant Type of income category box at item 24 on page 15 of your tax return.
If you received more than one type of either category of income, you will need to provide full details. Print ADDITIONAL INFORMATION in the relevant Type of income category box. Print SCHEDULE OF ADDITIONAL INFORMATION - ITEM 24 on the top of a separate piece of paper. Include your name, address and tax file number. Show each type and amount of income you received within the category. Print X in the Yes box at Taxpayer's declaration question 2 on page 10 of your tax return. Attach your schedule to page 3 of your tax return.
If you received lump sum payments in arrears, write the amount of any tax withheld from these payments at E item 24. Do not show any tax withheld included elsewhere on your tax return.
If you are a special professional, write the taxable professional income you received at Z item 24. Do not show cents. We take this amount into account for income averaging.
Add up all your category 1 income and write the total at Y item 24 on page 15 of your tax return. Do not show cents.
Add up all your category 2 income, including the amount you wrote at Z item 24 unless you have already included it in your answer to question 1, 2, 13, 14 or 15 and write this total at V item 24. Do not show cents.
Check that you have...
- printed on your tax return your type of income
- written on your tax return the total of your other income
- attached to page 3 of your tax return your SCHEDULE OF ADDITIONAL INFORMATION - ITEM 24, if you need to send us one.
Government super contributions
If you have declared income at this item, then you may need to complete item A3.
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