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Business income and expenses

Use this guide on income and goods and services tax (GST) for your business.

Last updated 27 June 2018


Your business income may include the funds or the Australian dollar value of property you received through the disposal of cryptocurrency in the ordinary course of your business or the Australian dollar value of cryptocurrency you received for goods or services you provide as part of your business. For more information, see Tax treatment of cryptocurrencies.

Do not show the following types of income here:

  • gross interest; show the amount of income at Interest on your tax return
  • dividends and franking credits; show the amounts at Dividends on your tax return
  • distributions from partnerships and trusts; show these at Partnerships and Trusts on your tax return
  • gross rental or similar income that is not derived from carrying on a business of renting property, such as agistment or hire fees; show the amount at Rent on your tax return
  • net capital gains; show these at Capital gains or losses on your tax return
  • PSI shown at Personal services income
  • farm management repayments; show these at Net farm management deposits or repayment on your tax return
  • attributed foreign income or foreign source income; show these at Foreign income, assets and entities on your tax return.

Goods and services tax (GST)

If you are registered or required to be registered for GST, the following apply:

  • For income tax purposes, you should exclude GST from assessable income, exempt income and amounts received or receivable that you take into account in calculating income and deductions.
  • You should reduce deductible losses and outgoings by the amount of input tax credit entitlement. In certain circumstances, for example, a change in how much you used an asset for business purposes, an adjustment for GST purposes results in an amount being included in assessable income (if the adjustment is a GST-decreasing adjustment) or being deductible (if the adjustment is a GST-increasing adjustment).
  • You should also exclude GST components under other specific rules including capital gains tax (cost base, reduced cost base and capital proceeds) and capital allowances (the cost and termination value of a depreciating asset).

If you are not registered or required to be registered for GST, you do not need to adjust your income and deductions for GST. You can claim the GST-inclusive amount incurred on deductible outgoings.