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What income does this include?

Commonly this includes income from:

  • self-employment
  • rental property including Airbnb and Bookabach
  • overseas
  • shareholder salary
  • directors’ fees
  • 'under the table' cash jobs
  • tips from customers 
  • royalties
  • 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.

Rental income and paying tax

Types of business income

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.

Individual tax return - IR3