myTax 2017 Net income or loss from business

We have pre-filled your tax return with payment summary information provided to us. Check for business payment summaries you received that are not pre-filled and ensure you add them at the Business payment summaries section.

Complete Net income or loss from business if you derived income or incurred a loss from any business. This section covers:

• income from being a sole trader
• income or a loss from a primary production business
• income under a pay as you go (PAYG) voluntary agreement
• income from which an amount was withheld because you did not quote your Australian business number (ABN)
• income you derived as a foreign resident from which an amount was withheld because it was subject to foreign resident withholding
• income of an independent contractor working under a labour hire arrangement
• income from the following specified payments    
  • payment for tutorial services provided under the Indigenous Student Success Programme (formerly known as the Indigenous Tutorial Assistance Scheme) of the Department of the Prime Minister and Cabinet
  • payment for translation and interpretation services provided for the Translating and Interpreting Service National of the Department of Home Affairs
  • income as a performing artist in a promotional activity
   
• any other business income.

A specified payment is a payment specified in tax law for PAYG withholding purposes.

Net income or loss from business consists of three sections:

• Net primary production
• Net non-primary production
• Other business and professional items

The income and expenses to be included in Net primary production and Net non-primary production are amounts derived from your accounting system or financial statements, except for:

• the values of opening and closing stock, which are to be shown at tax values, and
• depreciation expenses for small business entities choosing to use the simplified depreciation rules, which are to be shown at tax values.

The income and expense amounts included in this section should form part of your profit and loss statement and are the basis for calculating your net profit or loss. You should deal with any adjustments to these amounts for tax purposes at Primary production – Business reconciliation items and Non-primary production – Business reconciliation items.

Former STS taxpayers

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

If you are eligible and are continuing to use the STS accounting method, you must complete the income and expenses sections using the STS accounting method, see Former simplified tax system (STS) taxpayers.

Depreciation and capital allowances tool

You can use the Depreciation and capital allowances tool to work out any deductible decline in value, deductible balancing adjustments and assessable balancing adjustments. The tool can be accessed when you enter your business income or loss details.

Note: If you used the Depreciation and capital allowances tool, fields containing information from the tool cannot be directly adjusted in myTax. To make any adjustments to this information, or to add new assets to the tool, select the 'Work it out' link.

Watch our video

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

This video shows you how to complete the business section in myTax.

Net primary production

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

Complete this section if you have business income and expenses from primary production activities. Primary production activities are described in Information for primary producers 2017.

Completing this section

Watch our video for a demonstration on how to complete the business section in myTax.

You will need the primary production worksheet if you are a primary producer to determine some of the amounts in this section. Complete this worksheet before proceeding.

1. If you received the following payment summaries, enter the details in the Business payment summaries section.        
   • PAYG payment summary – business and personal services income where the payment type is:        
     • voluntary agreement
     • labour-hire payment
     • other specified payments.
      
   • PAYG payment summary – withholding where ABN not quoted
    

Income and tax withheld amounts from these payment summaries will be transferred to this section if they relate to primary production business activities. Add, alter or delete these amounts in the Business payment summaries section.

2. Select Net primary production to expand the section.
3. Enter your total primary production government industry payments received at assessable government industry payments. See Assessable government industry payments for further information.
4. See Income and Other business income to calculate the amount of other primary production business income or loss you enter at Other business income.
5. See Expenses to calculate your primary production business expenses and enter the amounts into the corresponding fields.
6. See Reconciliation items and enter the amounts related to your primary production business activities into the corresponding fields.
7. Select Save.

Net non-primary production

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

Complete this section if you have business income and expenses from non-primary production activities.

Completing this section

Watch our video for a demonstration on how to complete the business section in myTax.

8. If you received the following payment summaries, enter the details in the Business payment summaries section.  
   • PAYG payment summary – business and personal services income where the payment type is:        
     • voluntary agreement
     • labour-hire payment
     • other specified payments.
      
   • PAYG payment summary – withholding where ABN not quoted
   • PAYG withholding payment summary – foreign residents
    

Income and tax withheld amounts from these payment summaries will be transferred to this section if they relate to non-primary production business activities. Add, alter or delete these amounts in the Business payment summaries section.

If you have a reminder at the Business and professional items section that you received payments for building and construction services and tax has been withheld, include these amounts in the Business payment summaries section. These payments have been reported to us in a Taxable payments annual report. Review these payments to ensure your tax return is correct. Amounts invoiced but not actually paid to you in the financial year were not included in this years’ report.

2. Select Net non-primary production to expand the section.
3. Enter your total non-primary production government industry payments received at assessable government industry payments. See Assessable government industry payments for further information.
4. See Income and Other business income to calculate the amount of other non-primary production business income or loss you enter at Other business income. Include amounts received where all of the following apply:  
   • you have a reminder at the Business and professional items section that you received payments for building and construction services
   • no tax has been withheld and
   • the payments are not personal services income.
    
5. See Expenses to calculate your non-primary production business expenses and enter the amounts into the corresponding fields.
6. See Reconciliation items and enter the amounts related to your non-primary production business activities into the corresponding fields.
7. Select Save.

Other business and professional items

Complete this section if you have any business income or losses.

Completing this section

Watch our video for a demonstration on how to complete the business section in myTax.

1. See Small business entity simplified depreciation and enter information into the corresponding fields.
2. See Other business and professional items and enter information into the corresponding fields.
3. Select Save.