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.
Your business income may include amounts earned through the sharing economy or other marketplaces, such as:
- sharing assets like cars, caravans, tools or personal belongings.
Amounts you receive through the sharing economy are assessable income, even if you're not carrying on a business. Those amounts should be included at Salary, wages, allowances, tips, bonuses etc if you are an employee, or at Any other income if other income.
For more information, see: The sharing economy and tax.
Do not show at this section
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, including renting out all or part of your home through the sharing economy, that is not derived from carrying on a business of renting property, such as agistment or hire fees; show this amount at Rent on your tax return
- income you earned through the sharing economy or other marketplace not derived from carrying on a business: show this amount at Any other income or at Salary, wages, allowances, tips, bonuses etc if you are an employee of the digital platform.
- net capital gains, and any credit for amounts withheld from business as a result of the foreign resident capital gains withholding rules; show these at Capital gains or losses on your tax return
- Personal services income 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
- payments and grants reported in a Taxable payments annual report where tax has been withheld, included in a reminder below the Business and professional items section; show these in the Business income statements and payment summaries section
- business-related income statements/payment summaries where tax has been withheld; show these in the Business income statements and payment summaries section.
Goods and services tax (GST)
If you are registered or required to be registered for GST, the following apply:
- Consider your assessable income, exempt income and amounts received or receivable. For tax purposes you should exclude GST from them when you calculate your income and deductions.
- You should reduce deductible losses and outgoings by the amount of input tax credit entitlement. In certain circumstances you could make an adjustment for GST purposes. This could alter your assessable income or deductibles. For example, a change in how much you use an asset for business purposes could increase or decrease your GST component.
- You should also exclude GST under rules such as capital gains tax and capital allowances.
If you are not registered for GST or required to be, you do not need to adjust your income and deductions for GST. You can claim the GST-inclusive amount incurred on deductible outgoings.