What income does this include?
Commonly this includes income from:
- rental property including Airbnb and Bookabach
- shareholder salary
- directors’ fees
- 'under the table' cash jobs
- tips from customers
- a taxable property sale
- an estate, trust or partnership.
School students who earn less than $2,340 in a tax year from self-employment do not pay tax on that money.
Telling us about income
If you receive more than $200 (before tax) in income, and we do not know about it, you'll need to tell us. You do that on an individual tax return (IR3).
The IR3 is used at the end of the tax year to:
- pay tax on your income at the end of the tax year
- claim expenses, such as costs for operating your business or maintaining your rental property.