{"id":3710,"date":"2021-04-06T09:40:10","date_gmt":"2021-04-06T00:10:10","guid":{"rendered":"https:\/\/www.oreon.com.au\/?p=3710"},"modified":"2021-04-06T10:09:19","modified_gmt":"2021-04-06T00:39:19","slug":"some-money-is-not-counted-as-income-by-the-ato","status":"publish","type":"post","link":"https:\/\/www.oreon.com.au\/taxation\/some-money-is-not-counted-as-income-by-the-ato\/","title":{"rendered":"Some money is not counted as \u2018income\u2019 by the ATO"},"content":{"rendered":"
It is possible to receive amounts that are not expected by the ATO to be included as income in your tax return. Although some of these amounts may be used in other calculations, and may therefore need to be included elsewhere in your tax return.<\/p>\n
The ATO classifies the amounts that it doesn\u2019t count as assessable into three different categories: Exempt income; non-assessable non-exempt income; and other amounts that are not taxable.<\/p>\n
As the name may suggest, exempt income doesn\u2019t have tax levied on it. The thing to remember here however is that certain exempt income may be taken into account for other adjustments or calculations \u2014 for example, when calculating the tax losses of earlier income years that you can deduct, and perhaps \u201cadjusted taxable income\u201d of your dependants.<\/p>\n
Exempt income includes:<\/p>\n
Non-assessable, non-exempt income is income you don’t pay tax on and that also does not count towards other tax adjustments or calculations such as tax losses.<\/p>\n
Non-assessable, non-exempt income includes:<\/p>\n
Generally, you don’t have to declare:<\/p>\n
This information has been prepared without taking into account your objectives, financial situation, or needs.\u00a0 Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.\u00a0Content in partnership with Taxpayers Australia<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" It is possible to receive amounts that are not expected by the ATO to be included as income in your tax return. Although some of these amounts may be used in other calculations, and may therefore need to be included elsewhere in your tax return. The ATO classifies the amounts that it doesn\u2019t count as […]<\/p>\n","protected":false},"author":3,"featured_media":3674,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","footnotes":""},"categories":[27],"tags":[],"acf":[],"yoast_head":"\n