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What income types can be recorded in TaxTank?
What income types can be recorded in TaxTank?

Discover the income types supported in TaxTank for precise tax reporting and financial oversight.

Updated over 5 months ago

Understanding the diverse streams of income that individuals may encounter is essential for accurate tax reporting and financial management. TaxTank simplifies this process by providing a comprehensive platform that encompasses a wide range of income sources. Whether you're a freelancer, a small business owner, or an individual taxpayer, TaxTank ensures that all your income types are accounted for efficiently and accurately.

Below, you'll find a detailed table listing the various types of incomes supported by TaxTank. From wages and salaries to investment dividends and rental income, TaxTank covers it all, ensuring that you have a complete overview of your financial landscape for tax purposes.

Work Tank

Salary or Wages

Salary or Wages

Allowances, earnings, tips, Director Fees, et

Allowance

Tips

Director Fees

Earnings Other

Reimbursements

Advance

Post Tax Deductions - Other

Pre Tax Deductions - Other

Phone Allowance

Uniform Allowance

Meal Allowance

Travel Allowance

Other Allowance

Living Away From Home Allowance (LAFH)

Employer lump sum payments

Lump Sum A - Genuine Redundancy [R]

Lump Sum A - All other Lump Sum Payments [T]

Lump Sum B

Lump sum D (Redundancy amount)

Australian Government Allowances & Payments

Newstart

Youth Allowance

Austudy

Australian Government Pensions & Allowances

Pensions

Government Allowances

Attributed Personal Services Income

Attributable PSI (A)

Gross Interest

Interest Earned

Bonuses - Life Insurance Companies & Friendly Societies

Bonuses - Life Insurance Companies

Bonuses - Friendly Societies

Other Incomes

Lump Sum payments in arrears

Jury attendance fees

Royalties

Taxable scholarships, bursaries & grants

Special profession income

Gain on sale of vehicle previously depreciated

ATO Interest Paid

Australian Government Special Payments

First home super saver (FHSS) scheme

Employment Termination Payments (ETP)

ETP R - Genuine redundancy

ETP S - Excluded Life Benefit Payment

ETP O - Gratuity or Payments in Lieu

ETP D - Dependant death benefit

ETP B - Non-dependant death benefit

Australian Annuities & Superannuation Income Streams

Code B - Superannuation Income Streams - Disability

Australian Annuity Payments

Assessable amount - Capped Defined Benefit

Code A - Superannuation Income Streams - Death

Superannuation Lump Sum

Code M - Superannuation Lump Sum

Code N - Death Benefit Paid to non-dependant

Employee Share Schemes

Employee Share Scheme Income

Partnerships and Trusts Income

Partnership Income

Trust Income

Share of National Rental Affordability Scheme

Capital Gains Tax (CGT)

Property (CGT)

Shares (CGT)

Other (CGT)

Forest Managed Investment Schemes

Forestry Managed Investment

Sole Tank

Sole Trader Income

Sales

Labour

Uber Income

Commission

Parts & Consumables

Other Business Income

Assessible Government Payments

Gross payments - no ABN given

Gross payments - Voluntary agreement

Gross payments - Labour hire or other specified payments

Other Assessable Payments

Jobkeeper

BAS / GST

GST Refund

Personal Services Income (PSI)

PSI - ABN not quoted (N)

PSI - Labour Hire or Other (O)

PSI - Voluntary Agreement (M)

PSI - Other (J)

Other Work Related Expenses

Interest Earned

Property Tank

Net Rent

Rental Income

Other rental Income

Adjustments

Landlord contribution

Funds held by Agent

Holdings Tank

Crypto & Forex Investment Income

Foreign Exchange Gains (non-business)

Staking

Dividends

Dividends

Interest from Investments

Interest on term deposits

Interest from other investments

Partnership & Trust Investment Income

Interest distributions from Partnerships

Interest distributions from Trusts

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