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  • myTax 2019 Other income

    Complete this section if you have any other income that you have not been able to show anywhere on your tax return.

    On this page:

    Essentials

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    Any other income includes:

    For more information, see Other income types.

    Depreciation and capital expenses

    You generally can't deduct spending on capital assets immediately; instead you claim the cost over time, reflecting the asset's depreciation (or decline in value). For more information, see Guide to depreciating assets.

    You can use the Depreciation and capital allowances tool to work out any decline in value deduction as well as any deductible balancing adjustment when you stop holding a depreciating asset.

    The tool can be accessed in the Deductions section on the Prepare return screen.

    Do not show at this section

    You might have received amounts that you do not need to include as income in your tax return. For more information, see Amounts that you do not pay tax on.

    Do not show the following amounts at this section:

    • Lump sum payments in arrears. Show these at:  
      • Salary, wages, allowances, tips, bonuses etc, or Foreign employment income (on an income statement/payment summary) in the Income statements and payment summaries section, or
      • Foreign pensions and annuities or Foreign employment income (not on an income statement/payment summary) in the Foreign income, assets and entities section.
       
    • An assessable First home super saver (FHSS) released amount. Show this at:
      • First home super saver (FHSS) scheme in the Income statement and payment summaries section.
       
    • Other taxable allowances or payments you received from Services Australia. Show these at Australian Government special payments in the Income statement and payment summaries section. Other taxable allowances or payments include:
      • activity supplement, farm financial assessment supplement or the farm household allowance supplement that are paid under the farm household allowance program
      • Business Services Wage Assessment Tool (BSWAT) lump sum payment in arrears
      • Australian Government emergency payments.
       
    • Foreign exchange losses. Show these at Other foreign income in the Foreign income, assets and entities section.
    • Rental income or losses. Show these in the Rent section.
    • Business income or losses. Show these at Business income or losses in the Business/sole trader, partnership and trust income (including loss details) section.
    • Partnership income or losses. Show these at Partnerships in the Business/sole trader, partnership and trust income (including loss details) section.
    • Capital gains or capital losses. Show these in the Capital gains or losses section.
    • 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. Show these at Employee share schemes in the Other income section.
    • Income earned through sharing economy or other marketplace activities where you were carrying on a business, including income from ride-sourcing; show this amount at Business income or losses in the Business/sole trader, partnership and trust income (including loss details) section.
    • Rental income or losses, such as income from renting all or part of your home; show this amount in the Rent section.
    • Employee salary or wages; show this amount at Salary, wages, allowances, tips, bonuses etc in the Income statement and payment summaries section.

    If you can't see these sections, use the Personalise return screen to select those sections that apply to you. For further help with personalising your return, see How to personalise your return.

    Completing this section

    We pre-fill your tax return with ATO interest remitted by us. Check for other income amounts you received not pre-filled and ensure you add them.

    1. For each type of other income, select Add.
    2. Select the Type of payment and enter information into the corresponding fields. MyTax will permit only one Type of payment of Special professional income.
      Select Save.
    3. Select Save and continue.

    Notes:

    • Other income shown at this section where the Type of payment is Financial investments not shown elsewhere, Other or Special professional income, is used in working out whether you have to pay PAYG instalments and, if so, your instalment rate.
    • If you used the Depreciation and capital allowances tool, fields containing information from the tool cannot be directly adjusted in myTax. To make any adjustments to this information, or to add new assets to the tool, select the 'Use the depreciation and capital allowances tool' link.
      Last modified: 26 Jun 2019QC 59129