The amounts you don’t need to include as income

Amounts which are not classified as income are split into 3 categories.

Exempt income

This is income that you do not pay tax on, although, some exempt income may be taken into account when determining:

Some examples include certain Government pensions, certain Government allowances, certain overseas pay, some scholarships, etc.

Non-assessable, non-exempt income

This is also income that you don’t pay tax on – it does not affect your tax losses.

Some examples include the tax-free component of an employment termination payment (ETP), genuine redundancy payments, super co-contributions, etc.

Other amounts

There are also other amounts that are not taxable.

Some examples include: Rewards or gifts received on special occasions, prizes won in ordinary lotteries, child support and spouse maintenance payments, etc.

By outsourcing your SMSF administration to the SMSF Compliance Experts, your clients will receive best-in-class SMSF compliance service.

Are you ready to never worry about SMSF administration again?
Contact us today to get more information or to get started!

Marsden Park

SMSF Compliance experts

37 Dromana Rd
Marsden Park
NSW 2765

P. 0419 283 241

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