Part A-Did your business have any amounts of tax withheld for failure to quote an ABN?
No-Go to part B.
Yes-Read on.
What you need to know
Gross payments where Australian business number not quoted item P8 is the total of payments you received from which your payers have withheld an amount because you did not quote your ABN. Gross payments include the amounts of tax withheld. You will be able to calculate this amount from your completed Individual PAYG payment summary schedule 2001.
Step 1
Add up all amounts on your completed payment summary schedule at Gross payment boxes, with an N in the Type box, derived from primary production activities. Write this amount at C item P8. Do not show cents.
Step 2
Add up all amounts on your completed payment summary schedule at Gross payment boxes, with an N in the Type box, derived from non-primary production activities. Write this amount at D item P8. Do not show cents.
Step 3
Add up the amounts you have written at C and D item P8 and write this amount in the adjacent Total box item P8.
Remember, if you complete these labels you must complete W item 14 on your tax return.
Part B-Did you receive any income that was subject to a PAYG voluntary agreement to withhold?
No-Go to part C.
Yes-Read on.
What you need to know
Gross payments-voluntary agreement item P8 is the total payments you received that were subject to a voluntary agreement to withhold tax and includes amounts of tax withheld. You will be able to calculate this amount from your completed payment summary schedule.
Step 1
Add up all amounts on your completed payment summary schedule at Gross payment boxes, with a V in the Type box, derived from primary production activities. Write this amount at E item P8. Do not show cents.
Step 2
Add up all amounts on your completed payment summary schedule at Gross payment boxes, with a V in the Type box, derived from non-primary production activities. Write this amount at F item P8. Do not show cents.
Step 3
Add up the amounts you have written at E and F item P8 and write this amount in the adjacent Total box item P8. Remember, if you complete these labels you must complete D item 14 on your tax return.
Part C-Did you receive:
- income under a labour hire arrangement, or
- a specified payment, including payment for tutorial services provided for the Aboriginal Tutorial Assistance Scheme of the Department of Education, Training and Youth Affairs, and payment for translation and interpretation services for the Translating and Interpreting Service of the Department of Immigration and Multicultural Affairs?
No-Go to part D.
Yes-Read on.
What you need to know
Gross payments-labour hire or other specified payments item P8 is the total of payments you received from labour hire or other specified payments and includes amounts of tax withheld. You will be able to calculate this amount from your completed payment summary schedule.
Do not include income received as an employee of a labour hire business. These amounts will appear on your PAYG payment summary-individual non business and should be shown at item 1 on your tax return.
Step 1
Add up all amounts from the payment summary schedule at the Gross payment boxes with an S in the Type box. Write this amount at O item P8. Do not show cents.
Step 2
Transfer the amount at O to the Total box item P8 on your schedule.
Remember, if you complete these labels you must complete F item 14 on your tax return.
Part D-Did your business have assessable government industry payments?
No-Go to part E.
Yes-Read on.
What you need to know
Generally, government grants, rebates, bounties and subsidies are assessable income in the hands of the recipient if they are received in or in relation to the carrying on of a business. This generally includes payments of a capital nature. However, payments relating to the commencement or cessation of a business may not be assessable.
Examples of assessable government industry payments include:
- bounties
- diesel fuel rebate-see Taxation Determination TD 97/25-Income tax: when should a Diesel Fuel Rebate paid under the Australian Government Diesel Fuel Rebate Scheme be included in the assessable income of a recipient?.
- drought relief
- employee subsidies
- export incentive grants
- Medicare payments to medical practices.
Step 1
Write your total primary production government industry payments received by each business at G item P8 on your schedule. Do not show cents.
Step 2
If your assessable primary production government industry payments include a diesel fuel rebate, print D in the Type box at the right of the amount at G.
Step 3
Write your total non-primary production government industry payments received by each business at H item P8 on your schedule. Do not show cents
Step 4
If your assessable non-primary production government industry payments include a diesel fuel rebate, print D in the Type box at the right of the amount at H.
Step 5
Add up your primary production and non-primary production government industry payments and write the total amount in the Total box item P8 on your schedule.
Part E-Did your business receive any other income?
No-Go to part F.
Yes-Read on.
What you need to know
Other business income includes:
- gross sales of trading stock
- goods taken for own use from stock
- gross earnings from services
- taxi driver earnings (income you earned as a non-employee taxi driver)
- bad debts recovered
- profit on sale of depreciable assets
- royalties
- insurance recoveries
- subsidies
- employee contributions for fringe benefits
- non-assessable government assistance from all sources
- a special credit for wholesale sales tax.
It excludes amounts shown at C, D, E, F, N, O, G and H on your schedule.
Step 1
Write your total amount of other primary production business income or loss at I item P8 on your schedule. Do not show cents.
Step 2
If you made a loss, printL in the box at the right of the amount at I.
Step 3
Write your total amount of other non-primary production business income or loss at J item P8 on your schedule. Do not show cents.
Step 4
If you made a loss, printL in the box at the right of the amount at J.
Step 5
Add up your other primary production and non-primary production income or loss and write the total amount in the Total box item P8 on your schedule.
Step 6
If you made a loss, print L in the box at the right of the Total box.
Part F-Working out your total business income
Step 1
Add up the primary production amounts shown at C, E , N, G and I item P8 on your schedule. Write the total at Total business income, Primary production column.
Step 2
If you made a loss, printL in the box at the right of the amount at Total business income, Primary production column.
Step 3
Add up the non-primary production amounts shown at D, F, O, H and J item P8 on your schedule. Write the total at Total business income, Non-primary production column.
Step 4
If you made a loss, printL in the box at the right of the amount at Total business income, Non-primary production column.
Step 5
Add up the amounts at Total business income, Primary production and Non-primary production columns and write the total at Total business income, Total column. If you made a loss, printL in the box at the right of this amount.