Business and professional items schedule instructions 2004-05

Net income or loss from business this year

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

Use the worksheets on the previous page to work out your net income or loss from your primary and non-primary production businesses this year, not including any non-commercial business losses deferred from a prior year.

Completing this question

Step 1	Write the amount at (h) on worksheet 7 at B item P8 on page 3 of your schedule. Do not show cents. If the amount is a loss, print L in the box at the right of this amount.
Step 2	Write the amount at (p) on worksheet 8 at C item P8 on page 3 of your schedule. Do not show cents. If the amount is a loss, print L in the box at the right of this amount.
Step 3	Add B and C and write the answer in the adjacent Totals column. The amount shown should not include any non-commercial business losses deferred from a prior year (which are shown at D or E - see Deferred non-commercial business losses from a prior year). If you made a loss from your business, print L in the box at the right of this amount. If the amount at B or C includes details from more than one business activity, and any one of these activities resulted in a net loss, you also need to complete items P3 and P9 on your schedule.

Step 1

Write the amount at (h) on worksheet 7 at B item P8 on page 3 of your schedule. Do not show cents. If the amount is a loss, print L in the box at the right of this amount.

Step 2

Write the amount at (p) on worksheet 8 at C item P8 on page 3 of your schedule. Do not show cents. If the amount is a loss, print L in the box at the right of this amount.

Step 3

Add B and C and write the answer in the adjacent Totals column. The amount shown should not include any non-commercial business losses deferred from a prior year (which are shown at D or E - see Deferred non-commercial business losses from a prior year).

If you made a loss from your business, print L in the box at the right of this amount.

If the amount at B or C includes details from more than one business activity, and any one of these activities resulted in a net loss, you also need to complete items P3 and P9 on your schedule.

Last modified: 30 Mar 2020QC 27592