What the Commissioner says about filling in this itemOther income: What you can, and can NOT enter at this item
What the Commissioner says about filling in this item
This item is for any other income that the taxpayer received.
Category one—label Y income includes:
• reimbursements of tax related expenses and election expenses which were deducted by the taxpayer in previous years
• lump sum payments in arrears—excluding lump sum payments in arrears returned at label V
• payments or allowances to members of local council not returned at item 1 or 2.
Category two—label V income includes:
• lump sum payments in arrears of Australian pensions or annuities referred to in item 7 and foreign pensions or annuities which have or had an undeducted purchase price
• a non-qualifying component of an eligible termination payment
• foreign exchange gains
• benefits from an employee share scheme
• royalties
• taxable scholarships, bursaries, grants or other educational awards
• benefits or prizes from investment-related lotteries
• assessable professional income within the meaning of section 405-20 ITAA 1997 of a special professional—author of a literary, dramatic, musical or artistic work, inventor, performing artist, production associate or sportsperson. Do not show at label V any amount of assessable professional income that you have already included at items 1, 10 or 11. Show at label Z the assessable professional income less amounts that reasonably relate to the assessable professional income
• balancing adjustment profit from the disposal, loss or destruction of the taxpayer's car
• payments under a sickness or accident insurance policy, except for payments already shown at items 1 or 2
• interest from infrastructure borrowings
• gains on disposal or redemption of traditional securities
• jury duty fees, unless these payments have been reimbursed to the taxpayer’s employer
• any other assessable income
Please note—if a payment of tax was made on any of this income by purchasing income tax credit vouchers during 1998–99, include these credits at label K, item C1.
If the taxpayer received lump sum payments in arrears, write the amount of any tax instalments deducted from those payments at label E item 18. Do not show any tax instalments included elsewhere on the taxpayer’s return.
(a) Each classification of ‘other income’ must be itemised for each category. A repeatable text line is provided for this purpose at 'Type of income'. Text at this item should be left aligned and the income details right aligned. Software suppliers producing Electronic lodgment service (ELS) returns packages may include the various appropriate action codes after the amount field in the body of the return.
(b) The total 'professional taxable income' is to be shown at label Z. The total ‘other income’ must be printed at label Y or V. A loss, can no longer be claimed at this label—refer to The 1999 tax agent form I instructions.
(c) The amount to be shown at 'Professional taxable income', label Z, should not include the apportionment calculation for gifts. The Australian Tax Office will do this for you. The amount shown at label Z should be included at label Y or V unless shown elsewhere on the tax return.
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