2 July 2019
Do you know which income you need to report in your tax return and how to classify it? It's important to get this right, as you can only claim expenses that are related to earning that income.
Income you need to report includes:
Classifying your income
Certain types of income are reported separately in your personal tax return.
Money made through the sharing economy could be business or personal income. For example:
If your business mainly gets paid for your personal efforts, skills or expertise, you may be earning personal services income (PSI), which is reported in your personal tax return.
Remember, registered tax agents can help you with your tax.
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