Other income not listed elsewhere
Other income not listed elsewhere in myTax includes:
- Employee share schemes
- Bonuses from life insurance and friendly societies
- Forestry managed investment scheme income
- Any other income
Amounts that you do not need to include in your tax return
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.
We have pre-filled your tax return with reimbursement of tax-related expenses provided by us. Check for other income amounts you received that are not pre-filled and ensure you add them.
Other income includes:
- an amount released by one or more of your superannuation funds greater than the liability stated on a release authority
- jury attendance fees
- foreign exchange gains
- bonus amounts distributed from friendly society income bonds
- taxable scholarships, bursaries, grants or other educational awards
- benefits or prizes from investment-related lotteries and some game-show winnings
- income from activities as a special professional (author of a literary, dramatic, musical or artistic work, inventor, performing artist, production associate or active sportsperson)
- amounts you have already included elsewhere, may also have to be shown here as you may be entitled to a concessional rate of tax if you have certain amounts of professional income; you will not be taxed twice on these amounts
- reimbursements of tax-related expenses (including amounts imposed by us as an interest charge) or election expenses which you have claimed as a deduction.
For more information about reimbursements of tax-related expenses, see ATO interest - calculation and reporting.
- any assessable balancing adjustment when you stop holding a depreciating asset (for example, because of its disposal, loss or destruction) for which you have claimed a deduction for depreciation or decline in value in previous years; your car is a depreciating asset
- payments made to you under an income protection, sickness or accident insurance policy where the premiums were deductible and the payments replaced income
- do not include payments already shown at Salary, wages, allowances, tips, bonuses etc in the Payment summaries section
- interest from infrastructure borrowings if you intend to claim a tax offset at Other non-refundable tax offsets
- gains derived on disposal or redemption of traditional securities that are assessable under section 26BB of the Income Tax Assessment Act 1936
- allowances or payments you received as a member of a local government council that you have not shown at Salary, wages, allowances, tips, bonuses etc in the Payment summaries section
- other taxable allowances or payments you received from Services Ausralia that you have not shown at Australian Government payments (such as the activity supplement or farm financial assessment supplement that are paid under the farm household allowance program) in the Payment summaries section
- work-in-progress amounts assessable under section 15-50 of the Income Tax Assessment Act 1997 that you received and have not included at Business income or loss.
For more information, see Other income.
Depreciation and capital allowances tool
You can use the Depreciation and capital allowances tool to work out any assessable balancing adjustment when you stop holding a depreciating asset. To access the tool, select the 'Work it out' link in the Deductions or tax losses from earlier income years section on the Prepare return screen.
Other income you show elsewhere in myTax
You show the following other income elsewhere in myTax:
Lump sum payments in arrears, show it at:
- Payment summaries section, followed by
- Salary, wages, allowances, tips, bonuses etc, or
- Foreign employment income (on a payment summary)
- Foreign income, assets and entities section, followed by:
- Foreign pensions and annuities, or
- Foreign employment income (not on a payment summary).
Business Services Wage Assessment Tool (BSWAT) lump sum payment in arrears, show it at
- Payment summaries section, followed by
- Australian Government payments such as special payments.
Completing this section
- For each type of other income, select Add.
- Select the Type of payment and enter information into the corresponding fields. myTax will permit only one Type of payment of Special professional income.
myTax uses Type of payment to work out whether the income you received is a category 1 or category 2 type of income.
Note: 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 Work it out.
- Select Save.
- Select Save and continue.