What income do I need to report for my business?
The ATO has reminded businesses to ensure they comply with the requirement to report all their income this tax season.
It is important to report ALL income from any source that your business has received, whether you operate as a sole trader, partnership, trust or company.
Business income includes:
Eftpos, online, credit/debit card transactions
Cash sales, vouchers & coupons
Paypal, WeChat or Alipay
Sharing economy and barter transactions
Dividends/distributions received from investments
Rent from business assets/property
Capital gains (from sale of property, plant & equipment & other business assets)
Income from all business activities (even if your activities has changed during Covid-19)
Supporting apprentices & trainee wages subsidies
For further information:
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