Australia's #1 for Law
Join 150,000 Australians every month. Ask a question, respond to a question and better understand the law today!
FREE - Join Now
Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms.For households and individuals, "income is the sum of all the wages, salaries, profits, interest payments, rents, and other forms of earnings received in a given period of time." (also known as gross income). Net income is defined as the gross income minus taxes and other deductions (e.g., mandatory pension contributions), and is usually the basis to calculate how much income tax is owed.
In the field of public economics, the concept may comprise the accumulation of both monetary and non-monetary consumption ability, with the former (monetary) being used as a proxy for total income.
For a firm, gross income can be defined as sum of all revenue minus the cost of goods sold. Net income nets out expenses: net income equals revenue minus cost of goods sold, expenses, depreciation, interest, and taxes.

View More On
  1. H

    Income Prtection Lump Sum Payout

    I have been paid out tpd and requested a lump sum for income protection but have been denied by the insurance company as they said they do not have the provisions to pay a lump sum. The PDS doesn't state that they can't. What could I do next and is there any chance I can get a lump sum?
  2. kim8hughes

    NSW Employee or independent contract and deducting income tax

    What weight does the court place on the fact that income tax is NOT deducted when assessing whether a person is an employee or independent contractor? Is not deducting income tax a decisive factor? Please provide some case law authority
  3. T

    SA Dividend income accrued before distribution, is it distributed to the beneficiaries on their proportionate holdings in will or is it pooled income?

    Hi, this is a contested matter where the estate has been paid dividends. Where different family members have different amount of shares given to them in the will on distribution are the dividends paid to the beneficiary according to their holdings or does the dividend income get get pooled and...
  4. T

    Income protection

    How does income protection work with Hesta. I’ve applied for income protection due to a work injury and it’s been accepted for $1000 a month but I’m still finding it hard to cover all my bills can you increase your income protection or am entitled to another payment? Any advice would be greatly...
  5. B

    NSW Ex has lied to child support about her income

    My ex has been lying about her income since last years assessment, telling child support her income is 12K and she is casual, when for 80% of the year she has been part time employee earning 45K and in the last 3 months went full time now earning 55K. I’d be lying if I said it didn’t annoy me...
  6. W

    VIC Rare condition after injury at home. Should I use a lawyer for TPD claim?

    I had a terrible accident at home in 2019 and have been unable to work for 18 months now. I have developed a rare condition called Corneal Neuralgia (chronic and intense burning in the eyes and light sensitivity), which is very poorly understood and not widely recognised (although I do have...
  7. S

    NSW income protection claim

    Hi, I am trying to assist a party to progress an income protection claim where by the insurer stopped paying in 2010. The policy is one that continues to pay until 65 or the individual goes back to work... one of the old policies. Yes, i know this should have been addressed before, however the...
  8. O

    NSW Income tax payable on receipt of income protection lump sum payment?

    I have been advised that income tax is payable on an income protection insurance lump sum payment (-legal costs) in the year it is received. Does whether the lump sum was negotiated prior to Court or decided at Court have any bearing how the ATO views the lump sum payment? ie as income in that...
  9. D

    SA What does it mean to have power to determine if money is treated as capital or net income?

    Hi all, I am new to this forum and would like to say hello first, and follow up with a couple questions (of which I have a few) relating to my family trust. I would like to get a better understanding of concepts and clauses and laws etc relating to the trust deed before I engage my accountant...
  10. Charmaine17

    VIC Savings from income acquired during Bankruptcy

    I’ve been bankrupt for almost 2 years and in that time I’ve saved up around $20k. Am I allowed to give this money as a gift to my dependents or another family member? Or am I allowed to give money as an interest free loan to another family member to use for a business start-up? I will have no...