Many amounts received by your organisation will be assessable income. Assessable income is any amount that is:
- ordinary income (income from rendering personal services, income from property and income from carrying on trading activities)
- an amount specified under income tax law as income
- not an amount specified under income tax law as exempt income or non-assessable, non-exempt income.
Assessable income includes receipts from trading with non-members and income from sources outside the organisation.
Receipts that are assessable income include:
- bank interest
- dividends and other income from investments (for example, interest from term deposits and rent from an investment property)
- the annual total of more than $300 of non-cash benefits (property or services) received in payment for goods and services provided by the organisation
- fees received for advertising in the organisation's magazine
- employee contributions that reduce the organisation's fringe benefits tax (FBT) liability
- sponsorships and certain grants
- proceeds from fundraising drives to the public (for example, the sale of lamingtons, cakes or chocolates)
- food and drinks sold to non-members visiting the organisation
- fees received for hiring out the organisation's hall, facilities or equipment to the public
- fees received for the organisation's catering services at functions for the public
- commissions received from vending machines
- amounts non-members pay to attend dinners, parties, dances or social functions arranged by the organisation
- amounts non-members pay to attend a talk, presentation or workshop arranged by the organisation
- non-member proceeds from a raffle
- proceeds from selling souvenirs to non-members
- gaming income derived by the organisation from non-members where the organisation owns and operates the gaming machines
- gaming income derived by the organisation under arrangements entered into with an external gaming or Keno operator.
Find out about:
- Income and deductions for business – for more examples of assessable income.
- Other issues – for the disposal of an asset may result in a capital gain or loss to an organisation.
- Classifying expenses – if your organisation uses a depreciable asset for a taxable purpose, the disposal of the asset may also result in an amount to be treated as assessable income or a deduction.