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Part F: Net income or loss from business this year

Last updated 17 February 2020

Working out your net income or loss from business this year, not including any non-commercial business losses deferred from a prior year

Completing this part

Step 1 Work out your primary production and non-primary production net income or loss separately by using the tables below.

Working out your net income or loss from primary production business this year

Row

Calculation elements

Amount

a

Write your primary production total business income shown at TOTAL BUSINESS INCOME, Primary production column, item P8.

$

b

Write your primary production total business expenses shown at S item P8.

$

c

Total the amounts of any deductions for primary production environmental protection expenses, section 40-880 expenditure, project pool and landcare operations and water facilities.

$

d

Add the amount at b to the amount at c.

$

e

Take the amount at d from the amount at a.

$

f

Add:

any primary production income reconciliation adjustment, and

$

g

any primary production expense reconciliation adjustment to the amount at e.

$

-

This is your net income or loss from primary production business

$

Note

If the amount at d is more than the amount at a, the amount at e is a loss. If it is, or if you have a negative amount at f or g, the examples in the next column will help you to work out your loss from primary production business.

Working out your net income or loss from non-primary production business this year

Row

Calculation elements

Amount

i

Write your non-primary production total business income shown at TOTAL BUSINESS INCOME, Non-primary production column, item P8.

$

j

Write your non-primary production total business expenses shown at T item P8.

$

k

Total the amounts of any deductions for non-primary production environmental protection expenses, section 40-880 expenditure, project pool and landcare operations.

$

l

Add the amount at j to the amount at k.

$

m

Take the amount at l from the amount at i.

$

n

Add:

any non-primary production income reconciliation adjustment, and

$

o

any non-primary production expense reconciliation adjustment to the amount at m.

$

p

This is your net income or loss from non-primary production business.

$

Note

If the amount at l is more than the amount at i, the amount at m is a loss. If it is, or if you have a negative amount at n or o, the examples below will help you to work out your loss from non-primary production business.

Start of example

Examples

  • If the amount at e is a $5,000 loss, the amount at f is $12,000 income, and the amount at g is a $1,000 loss, the net income from the primary production business is $6,000 h.
  • If the amount at e is $5,000 profit, the amount at f is $2,000 income and the amount at g is an $8,000 loss, the loss from the primary production business is $1,000 h.
  • If the amount at m is a $5,000 loss, the amount at n is a $4,000 loss and the amount at o is a $1,000 loss, the loss from the non-primary production business is $10,000 p.
End of example

Step 2 Write the amount of your net income or loss from your primary production business at B item P8 on your schedule. Do not show cents. If you made a loss from primary production business, print L in the box at the right of this amount.

Step 3 Write the amount of your net income or loss from your non-primary production business at C item P8 on your schedule. Do not show cents. If you made a loss from non-primary production business, print L in the box at the right of this amount.

Step 4 Add up your primary production and non-primary production net income or loss from business and write the total amount at NET INCOME OR LOSS FROM BUSINESS THIS YEAR, Totals column, item P8 on your schedule. The amount shown should not include any non-commercial business losses deferred from a prior year (which are shown at D or E – see Part G).

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.

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