# ATO: Is it income?



## Jack Malarkey (Jan 11, 2016)

From the Australian Taxation Office's Small Business Newsroom:

Is it income?

2 July 2019

Do you know which income you need to report in your tax return and how to classify it? It's important to get this right, as you can only claim expenses that are related to earning that income.

Income you need to report includes:

all payments received electronically, in cash, or through coupon and voucher payments
all business investment income, including interest from all of your business bank accounts

assessable government payments such as fuel tax credits

capital gains made by your business.

Classifying your income

Certain types of income are reported separately in your personal tax return.

Money made through the sharing economy could be business or personal income. For example:

ride-sourcing income is always business income

a fee for performing gardening services through a peer-to-peer app is likely to be personal income.

If your business mainly gets paid for your personal efforts, skills or expertise, you may be earning personal services income (PSI), which is reported in your personal tax return.

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

Find out about:

Assessable income for business: https://www.ato.gov.au/business/inc...utm_source=sbn&utm_medium=email&utm_term=july

The sharing economy and tax: https://www.ato.gov.au/general/the-...utm_source=sbn&utm_medium=email&utm_term=july

Personal services income: https://www.ato.gov.au/business/per...utm_source=sbn&utm_medium=email&utm_term=july.

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

Jack Malarkey comments:

Note in particular the following two sentences:

'Money made through the sharing economy could be business or personal income. For example:

ride-sourcing income is always business income'.


----------

