# ATO: Is it income?



## Jack Malarkey (Jan 11, 2016)

From the Australian Taxation Office's Small Business Newsroom:

https://www.ato.gov.au/Newsroom/smallbusiness/General/Is-it-income-/
*Is it income?*










*14 July 2020*

Did you know there's no threshold for business income? This means you need to lodge an income tax return even if you only earn $1. Income can include money you receive from:

EFTPOS, online, credit or debit card transactions
cash, vouchers and coupons
platforms or accounts, such as PayPal, WeChat or Alipay
the sharing economy; For example, ride-sourcing, renting out a room or your apartment, or doing extra paid jobs
*government payments that are assessable, such as JobKeeper* payments
interest from business bank accounts
capital gains made by your business
other business activities or investments, such as income you receive from selling assets or leasing equipment.
Remember, if:

you're earning income through the sharing economy, how you report it will depend on the sharing economy activity
*you've received JobKeeper Payments, you need to report them as:*
*business income in your individual tax return if you're a sole trader*
*part of your business income if your business is a partnership, trust or company (you don't need to include the payments as assessable income in your individual tax return). *

Remember, registered tax agents can help you with your tax.

*Find out about:*

Assessable income for business
The sharing economy and tax
*See also:*

Tax time essentials - Supporting your small business
[Emphasis added]


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