What income does this include?
Commonly this includes income from:
- 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.
You need to pay tax on your income at the end of the tax year.
The end of the year is also the time to claim expenses, such as costs for operating your business or maintaining your rental property.