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These notes are intended to be a guide only. None of the comments contained in these seminar notes are intended to be advice, whether legal, financial or professional. You should not act solely on the basis of the information contained in these notes because many aspects of the material have been generalised and the tax laws apply differently to different people in different circumstances. Further, as tax and related laws change frequently, there may have been changes to the law since the notes were written. Specific advice should always be obtained from a tax professional.
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Notes Online Home 2019 Income Tax Basics Day 1 Income
In this chapter of the notes we address Income, more specifically under the following broad headings:
• Payment Summaries
• Item 1 – Salary or wages
• Item 2 – Allowances, earnings, tips, directors fees etc
• Item 3 – Employer lump sum payments
• Item 4 – Employment termination payments
• Item 5 – Australian Government allowances and payments like newstart, youth allowance and austudy payment
• Item 6 – Australian Government pensions and allowances
• Item 7 – Australian annuities and superannuation income streams
• Item 8 – Australian superannuation lump sum payments
• Item 9 – Attributed personal services income
• Item 10 – Gross Interest
• Item 11 – Dividends
• Item 12 – Employee share schemes
• Supplementary section – Income
• Item 13 – Partnerships and trusts
• Item 14 – Personal services income (‘PSI’)
• Item 15 – Net income or loss from business
• Item 16 – Deferred non-commercial business losses
• Item 17 – Net Farm Management Deposits or repayments
• Item 18 – Capital gains
• Item 19 – Foreign entities
• Item 20 – Foreign source income and assets
• Item 21 – Rent
• Item 22 – Bonuses from life insurance companies and friendly societies
• Item 23 – Forestry managed investment scheme income
• Item 24 – Other income