• Taxable professional income

    TPI is the amount - if any - remaining after taking away from your assessable professional income:

    1. the total of the deductions that reasonably relate to your assessable professional income, and
    2. a part of any apportionable deductions - for example, gifts to charity which you have shown at item D8 on your tax return.

    Completing your tax return

    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

    For us to work out your income averaging, you must complete Z item 24 on your Tax return for individuals (supplementary section) 2008 - see step 3 question 24 in TaxPack 2008 supplement and read the following.

    The amount to write at Z item 24 on your tax return (supplementary section) is your assessable professional income less the total of your deductions that reasonably relate to this income. Do not deduct any apportionable deductions - for example, gifts to charity that you have shown at item D8 on your tax return. We will take these into account to work out your TPI and your income averaging.

    At V item 24 on your tax return (supplementary section), write the total of your Category 2 other income - see step 1, question 24 in TaxPack 2008 supplement - including the amount you wrote at Z item 24. Do not include any amounts already shown at item 1, 2, 13, 14 or 15 on your tax return. If you have not shown your TPI at other items on your tax return, you must include it at V item 24. If you include your TPI at V, do not claim any deductions you used to work out your TPI at items D1 to D9 or D10 to D15 on your tax return.

    Last modified: 01 Jul 2008QC 27918