What income does this include?
Commonly this includes income from:
- self employment
- rental property including Airbnb and Bookabach
- shareholder salary
- directors’ fees
- 'under the table' cash jobs
- tips from customers
- a taxable property sale
- an estate, trust or partnership.
School students who earn less than $2,340 in a tax year from self employment do not pay tax on that money.
Telling us about income
If you receive more than $200 in income with no tax deducted, you'll need to tell us. You do that on an individual tax return - IR3.
The IR3 is used at the end of the tax year to:
- tell us about all your taxable income
- claim expenses, such as costs for operating your business or maintaining your rental property
- calculate your tax assessment so you know how much tax to pay or refund to expect.