Taxable income refers to income subject to taxation, including income distributed through salaries, pensions, bank interest, stock dividends, and income generated overseas .
You will be taxed as taxable income.
Non-taxable income refers to income not subject to tax, such as insurance pay, severance pay (if received within 12 months after retirement, it is not taxed), lottery winnings, CentreLink support, and child support payments, which are generally not subject to tax.
For example, if an employee receiving a salary from their employer receives the following amount in the 2021-2022 fiscal year:
- Salary: $100,000
- Vehicle allowance $12,000
- Travel allowance: $8,000
- Phone allowance $1,000
**Salary, vehicles, business trips, and phone allowances are all taxable income and must be reported when filing taxes.
- $15,000 in business trip accommodation expenses claimed and recovered
- $5,000 business trip meal allowance claimed and refunded
**Any expenses paid directly related to your work and later claimed to the company for refunds are all income not subject to tax and are not treated as expenses when filing your tax return, so you cannot claim income deductions.
I'm not an expert, so I could be wrong, so please understand.
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