PLEASE NOTE. Information on this page is of a general nature only. For this year's instructions and thresholds click here to visit updated 4 August 2016

Money received does not have to be declared if it is not income. Income does not include:

  • gifts
  • hobby proceeds
  • inheritances (assets or lump sum of money). However, if a beneficiary then sells an item the taxpayer has inherited, liability to pay capital gains tax may arise
  • life insurance proceeds
  • casket or lottery wins
  • gambling wins, although someone who makes money regularly from gambling may be treated as a professional gambler and taxed on the income received
  • prizes and awards
  • maintenance payments received for self or children
  • fringe benefits of employment. Employers, not employees, pay tax on non-cash benefits made available to employees, such as low interest loans, use of motor cars, subsidised housing and on certain cash living away from home allowances.