Even if you did not receive a payment summary, you need to include your work income on your tax return. It does not matter if you worked full-time, part-time or casual. Employment income includes; Salary and wages, commissions and bonuses.
Income
I have received a small income from my casual job during this tax year do i need to include it in my tax return?
If I win $100,000 in a lottery or if I inherited some money, is it a taxable income?
No, you do not have to pay tax on income derived from lotteries (including casket tickets or game shows or the like). They are tax-free as they aren’t part of your declarable income. However, if you are a professional contestant, if you appear as a regular contestant in game shows, your payment will be taxable.
The inheritance is not considered taxable unless the executor advises that part of it is taxable. Then, however, the investment income that you generate from it becomes taxable income.
Can all the interest from our joint accounts be declared in my wife’s tax return because her income is much lower than mine?
Each recipient must declare all income on the same basis as the accounts are held. So, for example, you cannot declare everything on your wife’s tax return.
What is a Living Away From Home Allowance (LAFHA)?
This is an ATO allowance that can be provided by employers to help their employees cover the additional costs of relocating and living away from their usual place of residence for employment. The broad criteria for eligibility is that the employee is incurring additional expense, is relocating for a temporary period of time and has the intent to move back to their original place of residence. The allowance can apply to:
• Australian residents moving locations within Australia
• Overseas long stay visa holders
• Australians working overseas.
For example, say you work and live in Melbourne and the company requires you to go to Regional SA for a few months to do some work there. They pay you an allowance for the costs of living in regional SA because they want you to work there for a while. You do not need to declare this allowance in your tax return. This means that you pay less tax which increases your take-home pay. No expenses can be claimed against this allowance.
Is the income received from a media interview on TV or Radio taxable?
Yes, this receipt is taxable as you have been paid for providing a service.
My bank interest is only $5. Does this amount have to be declared?
You must declare all interest from all sources no matter how small the amount is.
My 13 year old daughter has received $800 from a trust distribution. Does she have to lodge a tax return?
If this is her only income she does not have to lodge a return. During the 2010 income year a minor may have earned up to $3,001 from investments before any tax would be payable on that income. This is because the low income tax offset of $1,350 offsets the tax payable on income less than $3,001
I have shares and received franked dividends this year but have no other income. Do I have to lodge a tax return to get the franking credit refunded to me?
You do not have to lodge a full tax return. You can complete the Refund of Franking Credits for Individuals form which can be lodged by telephone or mailed to the ATO. If you are unsure please contact us we will complete and lodge on your behalf.
I have received a letter from the tax office saying that I did not declare some interest from my bank account. What should I do?
Contact your bank to verify the income details for your accounts if you believe that this is incorrect. The bank should notify the tax office in writing if this information is incorrect. You have 28 days to correct this information. However, if you have omitted the income, you will not need to contact the ATO. They will amend your return and send you a new assessment requesting payment of the additional tax, a general interest charge and, in some cases, penalties.
Do I need to declare my overseas pension?
In most cases overseas pensions are taxable and if you are an Australian resident you will need to include the amount in your tax return. There are a few exceptions to this rule. Please contact A.T. Partners for further details..
I have migrated to Australia. Do I have to pay tax on the money that I have brought with me?
You will only have to pay tax on any earnings that you make from the time that you migrated to Australia. If the money that you brought with you earns interest in a bank account you will have to pay tax on the interest.
Do I have to declare income from Centrelink (New start, Austudy) on my tax return?
Yes, it must be declared. This is because the tax office needs to determine what tax rate applies to your other earnings for the year. At the end of the financial year you will receive a payment summary from Centre link indicating the taxable amount that must be included in your tax return . You may be entitled to a rebate to ensure that no tax is payable on your benefit.