Who this schedule is for
If you complete items 13, 14 or 15 of your tax return (supplementary section), you must fill in the Business and professional items schedule for individuals 2006–07 (PDF 109KB)This link will download a file and send it in with your tax return. These instructions will help you to fill in the schedule. If the business or professional items that apply to you are not filled in, your tax return will be sent back to you. We consider that your tax return has not been lodged until it is returned to us complete.
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 2007.
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 2007 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 2006-07 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.