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Basketball Prize and Awards

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Initiate

Views 305

Replies 1

Hi, So i've got a question.
If i'm playing basketball on a regular basis, and winning a competition like 3 on 3, or even winning tournaments. will it be included as my assessable income? eventhough i got a part time job?
I must admit that my annual earning from winning competition is higher compared to my part time job, but does it count as hobby, or assessable income?
The intention is of course to make extra cash, but then if i'm taxed on every competition that i entered into,
can i claim my gym membership, all the healthy meals that i bought, supplements, and all health related stuff for myself to ensure that i will be fit to enter a competition?

Thankyou

1 ACCEPTED SOLUTION

Accepted Solutions
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Best answer

Taxicorn

Replies 0

I would say that it is assessable income and tax needs to be paid on it.

 

https://www.ato.gov.au/law/view/document?locid=%27TXR/TR199917/NAT/ATO%27&PiT=**TFN removed**00001

 

All the items that you described would not be tax-deductible except gym membership

 

https://www.ato.gov.au/Individuals/Income-and-deductions/In-detail/Occupation-and-industry-specific-...

 

If this was longterm then you could also apply Income Averaging

 

https://www.ato.gov.au/Individuals/Tax-return/2019/In-detail/Publications/Income-averaging-for-speci...

1 REPLY 1
Highlighted

Best answer

Taxicorn

Replies 0

I would say that it is assessable income and tax needs to be paid on it.

 

https://www.ato.gov.au/law/view/document?locid=%27TXR/TR199917/NAT/ATO%27&PiT=**TFN removed**00001

 

All the items that you described would not be tax-deductible except gym membership

 

https://www.ato.gov.au/Individuals/Income-and-deductions/In-detail/Occupation-and-industry-specific-...

 

If this was longterm then you could also apply Income Averaging

 

https://www.ato.gov.au/Individuals/Tax-return/2019/In-detail/Publications/Income-averaging-for-speci...