The ATO advises taxpayers that clothing, jewellery, gaming products, flights and crypto assets are just some of the things they might have to account for in their tax return as part of their business income. Taxpayers who have received these or any other non-cash benefits instead of money for their goods or services, or as a tip or gift, must record them as income at their market value, i.e., by recording the cash price that would normally have to be paid for those goods or services.
Taxpayers may be able to reduce the assessable amount of a non-cash benefit they have received, by the amount they would have been able to claim as a deduction, if they had purchased the item to be used in carrying on their business.
It is important that taxpayers report their regular forms of income, such as:
There are some payments that are not assessable income, and so do not need to be included in a tax return, such as the following:
Taxpayers need to keep accurate and complete records to prove the income they report and the expenses they claim as deductions.
Ref: ATO website, Small Business Newsroom, 12 September 2023