Hi, I recently opened a new bank account and have been depositing about $3,000 a month, which I gained with the help of a relative. This is in addition to my main job income. Should this additional income be taxed?
Hi @Yousif123
It will depend on what the income was for.
If it is a top up or additional part of your wages, you will need to declare this in your tax return and pay tax on the $3000.
If it is a gift. you don't need to report money received as a gift in your tax return.
However, if the money earns any interest in an Australian bank account, that's considered assessable income and you'll need to report that interest in your tax return.
You can find more info about income you must declare on our website.
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