If you are carrying on a business, most income you receive is assessable for income tax purposes. The total amount is referred to as assessable income (or total income).
However, your accounting method may affect which amounts must be included in an income year.
See our definitions for explanations of tax and super terms that you don't understand.
Find out about:
- What to include in your business's assessable income
- What to exclude from your business's assessable income
- Accounting methods for business income