Do you have other allowable deductions against your PSI?
No |
Go to Net PSI. |
|---|---|
Yes |
Read on. |
You need to know
In completing this question you only include non-commercial business losses deferred from a prior year if they relate to an activity which is the same as, or similar to, your current year activity. See P9 Business loss activity details for an explanation of how the non-commercial business loss rules work.
Your non-commercial business loss deduction may be reduced if:
- you earned net exempt income in this income year, or
- you became bankrupt or were released from any debts by the operation of an Act relating to bankruptcy.
Phone the Business Infoline on 13 28 66 for more information. For an explanation of net exempt income, see question L1 in TaxPack 2006.
Completing this item
Add up the total amount of all other expenses (including non-commercial business losses deferred from a prior year) that you can deduct from your PSI. Write the amount at L item P1.
Do not include amounts already recorded at K item P1.
Note: If you are registered or required to be registered for GST, your deductions should not include the amount that relates to input tax credit entitlements.