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.
Each income source is categorised into specialized Tanks to ensure an organised structure for seamless tracking.
Understanding the Tank System in TaxTank
In TaxTank, "Tanks" categorise different income and deductions, allowing users to align their financial activities precisely with tax reporting requirements. Ensuring proper income allocation to the right Tank facilitates accurate tracking and deduction claims in tax filings.
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.
These tables also illustrate the categorisation of income types within TaxTank's structured Tank system, demonstrating how various incomes should be allocated for clarity in tax reporting.
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 |