Declare all your business income

Small businesses: Do you know what income you need to report in your tax return? Some types of income – like cash and online sales – seem obvious, but there are some that might surprise you!

You need to report:

  • Income from bartering (where you exchange goods or services for something other than cash)
  • Awards or prizes your business wins during the financial year
  • Payments you receive from insurance claims.

It’s important to get your reporting right, because you can only claim deductions that are directly related to earning that income. Find out what other kinds of income you may need to include this tax time at the ATO website