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  • Business and professional items 2014–15

    About these instructions

    Attention

    Warning:

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

    End of attention

    Business and professional items 2015 will help you fill in the Business and professional items schedule for individuals 2015.

    In these instructions, we provide information about:

    • streamlined provisions for small business entities
    • personal services income (PSI)
    • business income you must show on the schedule
    • deductions you may be able to claim.

    What’s new?

    From 1 January 2014, the Minerals Resource Rent Tax Repeal and Other Measures Act 2014 applies. This Act:

    • reduces the threshold for the instant asset write-off from $6,500 to $1,000
    • removes the accelerated depreciation deduction for motor vehicles purchased for more than $1,000.

    Small business concessions: changes to simpler depreciation rules

    The law changed with effect from 1 January 2014 to reduce the instant asset write-off threshold from $6,500 to $1,000.

    Further changes also apply between 7.30pm (AEST) 12 May 2015 and ending on 30 June 2017 that temporarily increase the instant asset write-off threshold from $1,000 to $20,000 for assets that are acquired and installed ready for use during this period.

    Find out about:

    Accelerated depreciation for primary producers

    In the 2015 federal Budget, the Australian Government announced its intention to allow primary producers to:

    • immediately deduct the cost of fencing and water facilities such as dams, tanks, bores, irrigation channels, pumps, water towers and windmills
    • depreciate over three years the cost of fodder storage assets such as silos and tanks used to store grain and other animal feed.

    This measure applies to eligible assets and expenditure incurred from 7.30pm (AEST) 12 May 2015.

    Who should use these instructions?

    Use these instructions if you:

    • are an individual who completed items 14, 15 or 16 on your tax return (supplementary section)
    • have a net loss from a business activity carried on in partnership with others.

    We are moving progressively to electronic methods to provide instructions and tax return lodgment options for taxpayers with more complex tax affairs. For this reason, from 2013 onwards, if you are required to complete the Business and professional items schedule you cannot lodge a paper tax return. You must lodge your tax return online using myTax or e-tax or use a registered tax agent.

    See also:

    Publications and services

    To find out how to get a publication referred to in these instructions and for information about our other services, see More information.

    Last modified: 19 Nov 2015QC 44179