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Other business income

Last updated 25 June 2019

Other business income includes:

  • gross sales of trading stock
  • gross sales from produce
  • goods taken from stock for your own use
  • value of livestock killed for rations
  • value of livestock exchanged for other goods or services
  • gross earnings from services
  • rent derived from carrying on a business of renting property
  • income earned through the sharing economy, or other marketplace, where you're carrying on a business
  • taxi driver and ride-sourcing earnings (income you earned as a non-employee taxi driver if it is not shown at Personal services income)
  • amounts received as recoupment of expenses
  • bad debts recovered
  • profit on sale of depreciating assets
  • royalties
  • insurance recoveries
  • subsidies
  • employee contributions for fringe benefits
  • assessable non-government assistance from all sources
  • foreign exchange (forex) gains
  • payments and grants reported in a Taxable payments annual report where tax has not been withheld and they relate to business income
  • business-related income statements/payment summaries where no tax has been withheld.

Your other business income excludes amounts shown at the Business income statement and payment summaries section and at the Assessable government industry payments field.

If you are a primary producer, you must add the amounts shown at PP1, PP2, PP6, PP7 and PP10 on your primary production worksheet to any other income from a business of primary production referred to above.

Business transactions

Organisations that process transactions for their business clients through an electronic payment system are now required to report these to us.

The information is reported to us in a Business transactions through payment systems report.

These business transactions may need to be taken into consideration when completing your tax return.

If the business transactions belong to a related entity, or belong to another non-related entity, see What if you don’t agree with the pre-filled information?.

QC59154