Infinity Group | Insurance

INCOME NOT SUBJECT TO TAX

You may have received amounts that aren't subject to tax, so they aren't included as part of your assessable income, but they may be used in other calculations on your tax return. These types of income divided into the following categories:

Exempt Income:

You do not need to pay tax on exempt income but it may be used for other calculations. Exempt income includes:

Certain Government pensions
Certain Government allowances i.e. carer allowance
Some scholarships, grants & awards

Non Assessable, non-exempt income:

You do not need to pay tax on Non assessable, non-exempt income but it may be used for other calculations. Non assessable, non-exempt income includes:

the tax-free component of an employment termination payment (ETP)
genuine redundancy payments and early retirement scheme payments shown as 'Lump sum D' amounts on your payment summary
super co-contributions.

Other:

Generally, you do not have the declare the following:

Small gifts & rewards i.e. birthday presents
Prizes won in ordinary lotteries
Prizes won on game shows
Child supports payments

For more information or to book an appointment, call one of our friendly staff on 03 9792 2772. Alternatively you can email info@infitygrp.com.au