Assessable income

Income is income right? Wrong. We have taxable income, adjusted taxable income and assessable income. Think of assessable income as a big net that catches everything you earn – salary, dividends, rent, interest, proceeds from your lemonade stall and so on. There are a few more that are not really income but are included too. Read the ATO’s description here. Assessable income is before any deductions are allowed. It is kind of the full monty when talking about your income for the financial year.