There are many other different kinds of income that your small business may earn. Income that is not part of your everyday business activities is called ‘other’ income. For example, selling a depreciating asset, like your used office printer, doesn’t occur regularly. However, if this printer’s termination value is greater than its adjustable value, you may have to record the difference in your assessable income.

Examples of other income may include:

• goods taken from stock for your own use
• value of livestock killed for rations
• value of livestock exchanged for other goods or services
• amounts received as recoupment of expenses
• bad debts recovered
• profit on sale of depreciating assets
• royalties
• insurance recoveries
• subsidies
• employee contributions for fringe benefits
• assessable non-government assistance from all sources
• foreign exchange (forex) gains.