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  • 24 Other income 2019

    Did you receive any other income?

    Other income includes:

    • an amount released by one or more of your superannuation funds greater than the liability stated on a release authority
    • an assessable First home super saver (FHSS) released amount
    • lump sum payments in arrears; do not include lump sum payments in arrears relating to superannuation income streams, show them at item 7
    • Business Services Wage Assessment Tool (BSWAT) lump sum payment in arrears
    • income you earned from the sharing economy or other marketplace except income which is derived from carrying on business (include this at P8 on the Business and professional items schedule for individuals 2019) or as an employee (include this at item 1 of your tax return)
    • jury attendance fees
    • foreign exchange gains
    • royalties
    • 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 activity supplement, farm financial assessment supplement or the farm household allowance supplement that are paid under the farm household allowance program)
    • 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.

    No

    Go to Total supplement income or loss 2019, or return to main menu Individual tax return instructions 2019.

    Yes

    Read on.

    For an explanation of many of these types of income, see You need to know. 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
    • 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.

    You need to know

    Amount released by a superannuation fund greater than the liability stated on the 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.

    See also:

    Assessable First home super saver (FHSS) released amount

    You must include the assessable FHSS released amount shown on your payment summary as assessable income in your tax return for the year in which you request the ATO to issue a release authority. You will also need to include the tax withheld amount so that you pay the correct amount of tax.

    See also:

    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
    • one-off lump sum payments (called BSWAT lump sum in arrears on your Centrelink PAYG payment summary) paid to certain employees who worked for an Australian disability enterprise (ADE).

    You may get a tax offset if you received certain lump sum payments in 2018–19. We will calculate the tax offset for you. You need to provide additional information.

    On a separate sheet of paper:

    • print Schedule of additional information – Item 24
    • show the amount of the payment in arrears for each income year involved
    • print your name, address and tax file number.

    Then on your tax return:

    • print X in the Yes box at Taxpayer's declaration question 2 on page 10
    • attach your schedule to page 3 of your tax return.

    If you received the BSWAT lump sum in arrears payment, your letter of offer from the Department of Social Services will include an Attachment E: Important tax information with your BSWAT tax table information.

    For your Schedule of additional information – item 24:

    • provide a photocopy of Attachment E: Important tax information
    • write your tax file number (TFN) on top of the photocopy
    • attach the photocopy to page 3 of your tax return.

    For more information, see how to include BSWAT information on your tax return.

    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.

    Income earned through the sharing economy or other marketplaces

    The sharing economy is economic activity through a digital platform (such as a website or an app) where people share assets or services for a fee. Amounts you receive are assessable income, even if you are not carrying on a business.

    Include at this item any income you received for:

    • peer-to-peer renting or hiring (sharing) through a digital platform
      (if you own or lease an asset jointly, then you declare income in proportion to your share of ownership)
    • providing your services or completing tasks through a digital platform. Do not include income earned as an employee.

    Do not show at this item:

    • income earned through sharing economy or other marketplace activities where you are carrying on a business, including income from ride-sourcing; show this amount at item P8 (Business and professional items schedule).
    • rental income or losses, such as income from renting all or part of your home; show this amount at item 21 on your tax return (supplementary section).
    • employee salary or wages; show this amount at item 1 on your tax return.

    If you had any allowable deductions related to sharing economy income you have included at this item, go to question D15 Other deductions - not claimable at items D1 to D14 or elsewhere on your tax return 2019.

    See also:

    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 anywhere on your tax return travel and meal allowances that were included in the jury fees.

    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 gains and losses 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 - not claimable at items D1 to D14 or elsewhere on your tax return 2019.

    Royalties

    If you were an Australian resident for tax purposes in 2018–19, 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, on which you have to pay tax, 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 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 - not claimable at items D1 to D14 or elsewhere on your tax return 2019.

    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 2018–19 if:

    • you were an Australian resident
    • you were a special professional, and
    • your taxable professional income was more than $2,500 in the first year that this concession applied.

    To work out your taxable professional income, see Income averaging for special professionals 2019.

    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 2018–19 of any tax-related expenses or election expenses which you have claimed, or can claim, you must include the amount at this item.

    This question also applies to any remission of an ATO interest charge. If you claimed or can claim a deduction for an interest charge incurred in 2017–18 or earlier years and received a remission (a partial or full reduction) of that interest charge in 2018–19, you must include the amount of the remission at this item. Similarly, if you are claiming at N item D10 a deduction for an interest charge incurred during 2018–19, and some or all of it was remitted during 2018–19, you must include the amount of the remission at this item.

    You must also include at this item any remissions you received in 2018-19 of goods and services tax (GST) and pay as you go (PAYG) instalment underestimation charges that you have claimed, or can claim, as a deduction.

    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.

    See also:

    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 Sale or disposal of company bonds and convertible notes in You and your shares 2019.

    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 activity supplement and farm financial assessment supplement that are paid under the farm household allowance program.

    Completing this item

    Step 1

    From the list below, work out the category type (1, 2, 3 or 4) of the income you received.

    Types of income: Category 1

    • Lump sum payments in arrears except lump sum payments in arrears relating to superannuation income streams
    • Business Services Wage Assessment Tool (BSWAT) lump sum payment in arrears
    • Foreign exchange gains
    • Benefits or prizes from investment-related lotteries and some game-show winnings
    • Reimbursements of tax-related expenses (not including ATO interest remitted) or election expenses
    • Assessable balancing adjustments when you stop holding a depreciating asset
    • Gains, on the disposal or the redemption of traditional securities, that are assessable under section 26BB of the ITAA 1936
    • Work-in-progress amounts assessable under section 15-50 of the Income Tax Assessment Act 1997

    Types of income: Category 2 (ATO interest)

    • Remissions of the ATO interest charge that you can claim or have claimed as a deduction

    Types of income: Category 3 (FHSS)

    • Assessable FHSS released amounts

    Types of income: Category 4

    • Any income not described in category 1, 2 or 3

    Category 4 income shown at this item and certain amounts of income from some other items are used to work out whether you have to pay PAYG instalments and, if so, your instalment rate.

    If you have only one type of income in a 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 for any category of income, you will need to provide full details:

    • print Additional information in the relevant Type of income category box
    • on a separate sheet of paper
      • print Schedule of additional information – Item 24
      • print your name, address and tax file number
      • print each type and amount of income you received within the category
       
    • print X in the Yes box at Taxpayer's declaration at question 2 on page 10 of your tax return
    • attach this schedule to page 3 of your tax return.

    Step 2

    If you received lump sum payments in arrears, write the amount of tax withheld from these payments at E item 24.

    If you received the BSWAT lump sum in arrears payment, no tax was withheld. Leave E item 24 blank.

    Step 3

    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.

    Step 4

    If you received assessable FHSS released amounts, write the amount of tax withheld from these payments at S item 24.

    Step 5

    Add up all your category 1 income. Write the total at Y item 24. Do not show cents.

    Step 6

    Add up all your category 2 income (ATO interest). Write the total at X item 24.

    Step 7

    Add up all your category 3 income (assessable FHSS released amount). Write the total at R item 24.

    Step 8

    Add up all your category 4 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. 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
    • attached to page 3 of your tax return a photocopy of Attachment E: Important tax information (from your letter of offer), if you need to send us one.

    Where to go next

      Last modified: 30 May 2019QC 58099