Definition of income : Contents
Income that must be included
Legislation defines some types of payments that must be included as income, these are:
- any income-related insurance payment
- any payment relating to a situation involving a seasonal layoff
- any payment dependent on the completion of either a fixed-term engagement or a contract. For example, a bonus payment for completing work on time.
- any payment in lieu of notice terminating employment. For example, 4 weeks pay in lieu of notice
- any payment (including holiday pay) which, if it had not been made in relation to termination of employment, would have been paid so as to constitute monetary remuneration. For example, accumulated sick leave
- any payment in relation to termination of employment made by a company to any of its directors
- the value of any goods, services, transport or accommodation supplied on a regular basis, before the deduction of income tax
- any COVID-19 Income Relief Payment, which is non-taxable and cannot be paid with a main benefit
- any information share Child Support payments
- any non-information share Child Support payments made for an income-related purposeĀ (except where a specific exclusion applies)
Note any income not used in the financial means assessment for Residential Care Subsidy and that is otherwise not excluded, must be included in the benefit and/or extra help assessment the client in the community is entitled to.
For more information see:
Legislation
- income (definition) schedule 2 Social Security Act 2018
