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  • Report all business income

    It is important to include all of your clients' assessable income on their tax returns, to ensure their assessments are correct.

    We sometimes find businesses fail to report income including:

    • cash earnings
    • income earned through coupons, vouchers or gift cards
    • income a business has deposited into a mortgage or private bank account
    • bank interest, director’s fees, dividends and franking credits.

    When preparing your clients' tax returns, let them know they need to report all of their income, including:

    • any cash payments they receive
    • any other income they receive from business activities, such as rent from business assets
    • bank interest or money from other investments
    • income from sold or transferred business assets.

    When checking your clients' business income records, you may like to ask your clients for source documents, not summaries, to make your reporting easier, and more accurate.

    See also:

    Last modified: 05 Mar 2019QC 58138