Business income reporting


Business income reporting

Flor- Hanly - Monday, June 22, 2020

Have you declared all your business income?

When it comes to reporting your business income this year, make sure you include all of your income. 

tax timeLodging your return through a tax agent? Make sure you tell us about all of your income. It's important to get this right, as you can only claim a deduction for expenses that are related to earning your business income.

If you're getting ready to meet with your tax agent, or preparing your own tax return, ask yourself whether you received any of the following:

  • cash payments
  • payments through coupons, vouchers or gift cards
  • rent from business assets, or income from other business activities
  • interest from your business bank account or money from other business investments
  • income paid into a different account, such as PayPal
  • income you earn through the sharing economy
  • capital gains made by your business.
These may all be business income that you need to report, so make sure you keep accurate and complete records of them, and take them to your tax agent.

Already lodged your tax return and forgot to declare some income? You can make an amendment to correct it. Call Flor-Hanly's accountants in Mackay on 07 4963 4800 to find out how.

Source: ATO

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