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Hi @matthewk,
Thanks for getting in touch!
Generally speaking, income is received as a result of working by personal effort or from an investment. There are characteristics that can be used to determine income. Is the income:
received periodically,
expected and relied on to meet expenses,
related to work performed,
for the use of property, or
a replacement of income.
The most common forms of income includes employment income, pensions, annuities and government payments, investment income, business income and foreign income. You can find useful information about income you must declare on our website.
Rental property income generally relates to any money you become entitled to, as part of the normal, repetitive and recurrent activities through which you intend to generate profit. Other types of payments considered income from rental properties include; rental bond money from tenants defaulting on rent, damage to property that requires repairs to maintenance, insurance payouts and letting or booking fees. You can find more information about income and expenses for rental properties in our guide to Rental properties 2017.
If this incentive payment is a one-off, and the usual criteria don’t apply, it may not meet the criteria of 'income’ for tax purposes.
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