What is business income?
Understand what business income means and why it matters for tax reporting.
Summary
Business income is income earned from carrying on a business. The ATO provides guidance on assessable income for businesses and how income should be reported.
What this means
Business income can include cash, electronic payments, online sales, business receipts, and other amounts connected with business activity.
Businesses need to report income accurately and keep records that support income amounts.
Typical actions
- Record all business sales and income.
- Include cash and electronic payments.
- Reconcile income with bank and sales records.
- Check whether any amounts are treated differently under ATO rules.
Official ATO sources
Last checked: 20 June 2026
Assessable income for business
Explains assessable income for businesses.
Income and deductions for business
ATO hub for business income and deductions.
Record keeping for business
Explains records needed for business income and reporting.
Related questions
- What business expenses can be claimed?
- What records does a business need to keep?
- What is taxable income?
- What tax obligations does a small business have?
Important notice: Tax Clarity is an independent information tool. This page provides general information based on official sources. It does not provide tax, legal, financial, or accounting advice. Tax rules can change, and how they apply depends on your circumstances. For advice about your situation, speak with a registered tax agent or qualified professional.
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