Income You Must Report in Your 2025 Tax Return
Posted Today
Posted Today
When it comes to lodging your tax return, the Australian Taxation Office (ATO) knows more than you think. With data-matching programs, third-party reporting from banks, investment platforms, and even overseas tax offices, unreported income is more likely than ever to be detected.
In this article, we’ll cover the most commonly overlooked income sources, why the ATO is paying extra attention in 2025, and how you can avoid costly mistakes.
Why Reporting All Income Matters
The ATO’s technology automatically compares your tax return with information from third parties. If there’s a mismatch, your return could be flagged for review or audit. Even if income isn’t visible at the time of lodging, it may be reported later and lead to amendments, backdated taxes, or penalties.
Put simply: if you earn money, the ATO probably already knows about it.
1. Rental Income
It’s not just long-term rental properties that count. You must declare:
💡 Tip: You can claim deductions such as mortgage interest, council rates, and repairs – but only for the portion of the property that’s rented out.
2. Gig Economy & Side Hustles
From 1 July 2024, all digital platforms must report your income directly to the ATO, including:
Even one-off jobs are reported under the ATO’s Third-Party Reporting Regime, expected to raise $3.4 billion over the next four years.
3. Crypto & Share Investments
Cryptocurrency is treated like property, every disposal is a potential Capital Gains Tax (CGT) event, whether selling, swapping, or using it for purchases. The same rules apply to shares, whether on the ASX or overseas platforms like eToro and Stake.
Tip: Keep a spreadsheet or use software to track your cost base and sale price for every transaction. Our friends over at Consensus Layer can help you out with this also!
4. Dividends & Bank Interest
Every cent of bank interest and dividend income (including Dividend Reinvestment Plans) is reported to the ATO by your financial institution. Even small amounts are pre-filled into your myGov account – but you still need to check they’re correct before lodging.
5. Overseas Income
As an Australian tax resident, you must declare worldwide income, including:
Through the Common Reporting Standard (CRS), more than 100 countries share financial information with the ATO.
6. Other Commonly Missed Income
Some income streams don’t fit neatly into a category but still need reporting, such as:
The Key Takeaway
The ATO’s improved data-matching tools mean fewer income sources can slip through the cracks. Declaring everything upfront saves you the stress of penalties, audits, and amended returns.
If you have multiple income streams or aren’t sure what needs to be declared, our team at Empire Accountants can help. We’ll review your records, guide you on what’s taxable, and make sure your return is accurate and compliant.
Traditionally, many business owners only speak to their accountant once a year, and it’s usually right before tax time. If that’s the only time you’re checking in, you could be missing out on game-changing insights and support that could help you make smarter decisions all year round.
When you plan with intention - and pair it with accountability - you’re not just hoping things will work out. You’re building a business that will.
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Let’s face it; bookkeeping isn’t the most exciting part of running a business. However, it’s one of the most important! Keeping your financial records in check not only helps you stay on top of your business but moreover ensures you're meeting Australian Taxation Office (ATO) requirements without stress or penalties.