Under TAA 1994, Part 3, which covers information, record-keeping, and returns, Subpart 3B is reporting of income information by individuals. Specifically, Section 22C(2) defines income an individual derives for a tax year as either reportable income or other income. This section also includes a helpful flowchart scheme for better understanding.
Reportable Income
The term "reportable income" is explained in Section 22D(3) under key terms. This includes:
- PAYE income,
- Passive income, and
- PIE income,
Other Income
Income categorized as "other income" is outlined in Schedule 8, Part A, Table 1. This includes:
- Income from a trust,
- Self-employment income,
- Partnership income,
- Look-through company (LTC) income, and
- Other types of income, such as income from the disposal of property not classified as reportable income.
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