Amounts that you don’t pay tax on generally fall into three categories:
- exempt income
- non-assessable non-exempt income (“NANE”), and
- other non-taxable amounts which don’t affect your tax return.
Because of the complexity of rules determining taxability of income and the potentially high penalties for getting things wrong, qualified advice is recommended. Some items may be partially taxable. For Tax Office guidance call 132861.
National Redress Scheme for Institutional Child Sexual Abuse
Taxation Determination TD 2018/16 – payments are not assessable or subject to capital gains tax. The determination applies from 1 July 2018.
- What to include in your business’s assessable income
- Low income tax offset
- Medicare levy income thresholds
- Taxation of insurance receipts
This page was last modified 2019-06-29