Other Income
Use the Other Income section to enter taxable income that has not already been declared on the tax return. Transactions that produce taxable income include:
rental income from leasing equipment
one off freelance income, such as consultancy. You can also use the Other Income tab to enter any losses associated with the income.
NOTE: The income received must not arise from a trade, profession, or vocation.
How to Add Other Income
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Open the Other Income section.
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Select the category that the incomes falls in from the Type of other income pull-down. The choices are Category A or Category B.
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Describe where the income comes from in the Description column.
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Enter the totals for the following:
- Amount Received
- Tax Paid
- Expenses
Note: Your expenses cannot exceed your income when you select Category B income.
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(Optional) Click the Green allowance check box if the income qualifies.
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(Optional) Complete the following foreign income related fields:
- Country
- Amount on which foreign tax paid
- Foreign tax deducted
- Foreign tax treatment is by deduction?
Note: You can claim loss relief for income grouped under Category A, but not Category B.