Life Interests Testamentary Trusts

HOBBY INCOME – NON ASSESSABLE INCOME

Where an activity you engage in is deemed a hobby, for example a spare-time activity or a pastime pursued for pleasure or recreation, any income generated from that activity is generally excluded from your assessable income of your tax return.

Types of income that are excluded may include:

– Gifts or amounts bequeathed to you
– Prizes that are not related to your business activities
– GST that you have collected
– Money that you have borrowed
– Most payouts from your own personal income protection insurance policy
– Gambling wins

The following link explains in more detail excluded income

The content within these articles was correct at the time of writing. Please contact us for updated information and advice. 

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.

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