We spend a lot of time debating the merit of our deductions, but have you ever stopped to consider exactly what is your income?
Every year I find myself chasing clients for their interest earned on forgotten bank accounts, or reminding share holders that a reinvestment of dividends into more shares is still income for your income tax return.
This link to the Australian Taxation Office (ATO) will help you understand the income you must declare. It talks about many different types of income, including some you may not have considered.
Of course, if you have any questions about an amount you receive, you should get in touch with me so I can provide advice to you sooner rather than later.
Have a think…and make sure you declare all of your income!