Newspaper article Coffs Coast Advocate (Coffs Harbour, Australia)

A Taxing Time

Newspaper article Coffs Coast Advocate (Coffs Harbour, Australia)

A Taxing Time

Article excerpt

IT'S that time of year again when we go searching through the kitchen cupboards and shoe boxes in the back of the wardrobe looking for receipts and invoices, grab your group certificates, and head off to get our taxes done.

But have you remembered all your forms on income?

Dividends

IF you own shares in a company, you will generally be paid your share of the company's profits as a dividend. You must declare all assessable dividends paid or credited to you.

You may receive dividends from a:

listed investment company;

public trading trust;

corporate unit trust, or;

corporate limited partnership (in the form of a distribution).

A dividend can be paid to you as money or other property, including shares. If you are paid or credited with bonus shares, the company issuing the shares should provide you with a statement indicating whether the bonus shares qualify as a dividend.

A dividend is assessable income in the year it was paid or credited to you. Your dividend statement should have the relevant date (often referred to as the payment date or date paid).

Children's share investments

IF you are holding shares for the benefit of a child, or if you have helped a child obtain an interest in shares, it is important the correct person declares the related dividends. In general, whoever rightfully owns and controls the shares should declare the dividends.

Rent

YOU must declare the full amount of any rent and rent-related payments that you receive, or become entitled to, when you rent out your property a whether it is paid to you or your agent. If you receive rent-related payments in the form of goods and services, you will need to work out and declare the monetary value of these.

You must include rental bond money as income if you become entitled to retain it a for example, because a tenant defaulted on the rent or because of damage to your rental property requiring repairs.

If you received an insurance payout, there may be situations where the payout needs to be included as income a for example, if you received an insurance payment to compensate you for lost rent. …

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