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 |