Do You Have Other Allowances That Are Not Reported on Your PAYG?

You might be wondering, “how do I enter other allowances that are not reported on my PAYG?”

Refer to the steps listed below.

  1. Towards the top of the page, click the second tab with the title, “Income.”
  2. On the page titled, “Income,” click the last box with the title, “Other Income.”
  3. Click the green box towards the bottom of the page titled, “Save & Go.”
  4. On the page titled, “Other Income,” click the orange button titled, “Add New Record.”
  5. On the page titled, “Allowances & Other Income,” enter your information in the provided fields.
  6. Click the green button titled, “Save & Go.”
Follow these steps if you’re having difficulty.

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Do I have to declare income from capital gains?

Yes.

Capital gains result from selling an asset, including real estate, shares, and managed fund investments. You must declare all income from capital gains on your tax return. The difference between an asset’s cost basis (what you paid for it) and capital proceeds (what you received when you sold it) is a capital gain. Capital gains are distributed to you by a managed fund or another unit trust.

 

Do note that, though the ATO often refers to a ‘capital gains tax’ (CGT), there is no separate tax on capital gains. They are simply treated and taxed as part of your overall income.