Recording business income and expenses

Tax return labels: income

The table below shows the income headings you may use in your chart of accounts or spreadsheet, and which tax return labels they relate to.

Chart of accounts or spreadsheet heading	Income tax label
Everyday income Most everyday income is normally reported at: the ‘Other business income’ label, for individuals, partnerships and trusts the ‘Other sales of goods or services’ label, for companies.
Other income

Chart of accounts or spreadsheet heading

Income tax label

Everyday income

Most everyday income is normally reported at:

Other income

5 mins

Correct and accurate records	0%
Record keeping system setup	0%
Income spreadsheet	0%
Expenses spreadsheet	0%
Monthly cash book summaries	0%
Activity	0%

4 mins

7 mins

Overview	0%
Cost of goods sold (trading stock)	0%
Motor vehicle expenses	0%
Repairs and maintenance	0%
Rent expenses	0%
Other expenses	0%
Lease expenses	0%
Interest expenses within Australia	0%
Salary and superannuation expenses	0%
Capital expenses and depreciation	0%
Activity	0%

5 mins

Compare your business to others in your industry	0%
How the ATO uses small business benchmarks	0%
Activity	0%

4 mins

1 mins

Related courses	0%

Course Feedback	0%