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  • Introduction



    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    Who this schedule is for

    If you complete items 1314 or 15 of your tax return (supplementary section), you must fill in Business and professional items schedule for individuals 2005–06 (PDF 113KB)This link will download a file (NAT 2816-6.2006) and send it in with your tax return. If the business or professional items that apply to you are not filled in, your tax return will be sent back to you. These instructions will help you to fill in the schedule.

    If your tax return and completed schedule are lodged late, you may be liable for a penalty. For information on the penalty for failing to lodge on time, see page 11 in TaxPack 2006.

    If you have a net loss from a business activity carried on in partnership with others, you may need to complete items P3 and P9 of the schedule. See question 12 in TaxPack 2006 supplement. Do not include your partnership details at any other item on your schedule.

    You will also need to complete the Individual PAYG payment summary schedule 2005–06 (NAT 3647) if you received any of the following:

    • Payment summary - voluntary agreement
    • Payment summary - withholding where ABN not quoted
    • Payment summary - labour hire and other specified payments
    • Payment summary - foreign resident withholding.

    These instructions will help you fill in that schedule also.

    Last modified: 01 Sep 2006QC 18499