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Income P8

Find out what to include as business income at P8.

Published 28 May 2025

Business income

The business income to include is divided into:

  • income from which tax is withheld because you didn't quote your ABN to one of your payers
  • gross payments subject to foreign resident withholding (excluding capital gains)
  • income that is subject to a PAYG voluntary agreement to withhold tax
  • income you receive under a labour-hire arrangement or from other specified payments
  • assessable government industry payments
  • other business income.

For more information, see What to include in your business's assessable income.

Crypto assets

Crypto assets are a digital representation of value that you can transfer, store, or trade electronically. This also includes non-fungible tokens.

For tax purposes, crypto assets aren't a form of money.

The way you use or transact with crypto assets will determine how you treat them for tax purposes.

For more information on the tax treatment of crypto assets used in business, see Crypto assets and business.

Sharing economy

Your business income may include amounts earned through the sharing economy or other marketplaces, such as:

  • ride-sourcing
  • renting out all or part of a house or unit on a short-term basis
  • hiring assets like cars, caravans, storage or business spaces, tools or personal belongings
  • providing services or completing tasks through a digital platform.

Amounts you receive through the sharing economy are assessable income, even if you're not carrying on a business. Include them at:

  • question 1 in your tax return if you're an employee
  • question 24 in your supplementary tax return, if other income.

For more information, see Sharing economy and tax.

Don't show the following types of income at P8 Income:

  • Gross interest, show the amount of income at question 10 in your tax return.
  • Dividends and franking credits, show the amounts at question 11 in your tax return.
  • Distributions from partnerships and trusts, show these at question 13 in your supplementary tax return.
  • Gross rental or similar income, including amounts from renting out all or part of your home through the sharing economy, that isn't derived from carrying on a business of renting property, such as agistment or hire fees. Show this amount at question 21 in your supplementary tax return.
  • Income you earn through the sharing economy or other digital platform not derived from carrying on a business. Show this amount at question 24 in your supplementary tax return or question 1 in your tax return if you're an employee of the digital platform.
  • Net capital gains, show these at question 18 in your supplementary tax return.
  • PSI you show at P1 Personal service income in your schedule.
  • Farm management repayments, show these at question 17 in your supplementary tax return.
  • Attributed foreign income, show it at question 19 in your supplementary tax return.
  • Foreign source income, show it at question 20 in your supplementary tax return.

Goods and services tax (GST)

If you're registered or required to be registered for GST, you need to:

  • Consider your assessable income, exempt income and amounts you receive or receivable. For tax purposes you should exclude the GST from those amounts when you calculate your income.
  • Reduce deductible losses and deductible business expenses by the amount of your input tax credit entitlement. In certain circumstances, you could make an adjustment for GST purposes. For example, a change in how much you use an asset for business purposes could increase or decrease your GST component. This could alter your assessable income or deductible business expenses.
  • Exclude GST where rules for capital gains tax and capital allowances are applicable.

If you're not registered for GST, or not required to be registered for GST, you don't need to adjust your income and deductions for GST. You can claim the GST-inclusive amount you incur on deductible business expenses.

What you may need

You need to complete Individual PAYG payment summary schedule before completing P8 Business income and expenses if you receive any of the following payment summaries:

The PAYG payment summary – business and personal services income allows reporting of different payment types (including voluntary agreement, labour hire or other specified payments). When completing the individual payment summary schedule, you must specify the nature of the income, and the payment type made to you.

A payer may issue a receipt, remittance or similar document in place of the PAYG payment summary – withholding where ABN not quoted containing the same information as a payment summary.

If you receive income from which tax was withheld and you didn't receive or have lost your payment summary, contact your payer and ask for a copy.

Do you have amounts withheld from your business income – other than PSI included at P1?

If tax is withheld from business income, you should receive a payment summary or an income statement from the payer.

Gross payments where Australian business number (ABN) not quoted

Follow the instructions to complete these labels.

Do you have amounts of tax withheld for failure to quote an ABN?

You need to know

The amounts you show at P8 Income – labels C and D is the total income you receive, from which your payers have withheld tax because you didn't quote your ABN. You'll be able to calculate these amounts from your completed Individual PAYG payment summary schedule .

Completing this question

Step 1 Add up all the Gross payment amounts on your completed payment summary schedule, derived from primary production activities that have an N in the Type box. Write the total at P8 Income – label C on your schedule. Don't show cents.

Step 2 Add up all the Gross payment amounts on your completed payment summary schedule, derived from non-primary production activities that have an N in the Type box. Show the total at P8 Income – label D. Don't show cents.

Step 3 Add up the amounts you have written at labels C and D and enter the total in the adjacent Totals box.

If you complete P8 Income – labels C and D, you must complete question 15 – label W in your supplementary tax return.

Gross payments subject to foreign resident withholding (excluding capital gains)

Follow the instructions to complete this label.

Do you receive any payments that are subject to foreign resident withholding (excluding capital gains)?

You need to know

The amount you show at label B is the total income you receive from your payers that is subject to foreign resident withholding. It includes any amounts of tax withheld. You calculate this amount from your completed Individual PAYG payment summary schedule.

Don't include amounts subject to foreign resident capital gains withholding. Include these amounts at question 18 Capital gains in your supplementary tax return.

Completing this question

Step 1 Add up all the Gross payment amounts on your completed payment summary schedule derived from non-primary production activities that have an F in the Type box. Write the total at P8 Income – label B. Don't show cents.

Step 2 Transfer the amount at label B to the adjacent Totals box.

If you complete P8 Income – label B, you must complete question 15 – label E in your supplementary tax return.

Gross payments – voluntary agreement

Follow the instructions to complete this label.

Do you receive any income that is subject to a PAYG voluntary agreement?

You need to know

The amounts you show at P8 Income – labels E and F is the total income you receive that is subject to a voluntary agreement to withhold tax and include the tax withheld. You'll be able to calculate this amount from your completed Individual PAYG payment summary schedule.

Completing this question

Step 1 Add up all the Gross payment amounts on your completed payment summary schedule derived from primary production activities that have a V in the Type box. Write the total at P8 Income – label E in your schedule. Don't show cents.

Step 2 Add up all the Gross payment amounts on your completed payment summary schedule derived from non-primary production activities that have a V in the Type box. Write the total at P8 Income – label F. Don't show cents.

Step 3 Add up the amounts you show at P8 Income – labels E and F, and write the total in the adjacent Totals box.

If you complete P8 Income – label E or F, you must complete question 15 – label D in your supplementary tax return.

Gross payments – labour hire or other specified payments

Do you receive either:

  • income under a labour-hire arrangement
  • a specified payment, including any of the following
    • income from tutorial services you provided for the Indigenous Student Success Programme (formerly known as the Indigenous Tutorial Assistance Scheme) of the Department of the Prime Minister and Cabinet
    • income from translation and interpretation services for the Translating and Interpreting Service National of the Department of Home Affairs
    • income as a performing artist in a promotional activity.

If you answer:

You need to know

The amount you show at P8 Income – label O is the total income you receive from labour hire or specified payments and includes the tax that is withheld. You can calculate this amount from your completed Individual PAYG payment summary schedule.

Don't include income you receive as an employee of a labour-hire business. That income appears on your income statement or PAYG payment summary – individual non-business. Write it at question 1 in your tax return.

Completing this question

Step 1 Add up all the Gross payment amounts on your completed payment summary schedule that have an S in the Type box. These amounts are non-primary production income. Show the total at P8 Income – label O. Don't show cents.

Step 2 Transfer the amount at P8 Income – label O to the adjacent Totals box.

If you complete P8 Income – label O, you must complete question 15 – label F in your supplementary tax return.

It is expected you'll not have any primary production amounts at this question. Leave P8 Income – label N blank.

Assessable government industry payments

Follow the instructions to complete this label.

Do you receive assessable government industry assistance?

You need to know

Generally, government credits, grants, rebates, bounties and subsidies are assessable income of the recipient if they are received in, or in relation to, the carrying on of a business. This includes amounts that are of a capital nature. Amounts relating to the commencement or cessation of a business may give rise to a capital gain. In certain circumstances, a specific grant or payment may be exempt income or non-assessable non-exempt income.

A number of Commonwealth, State and Territory government grants and payments have been made available to businesses in response to recent natural disasters. Only those grants and payments that are assessable income need to be included at this question.

Don't include at this question the following grants and payments: Commonwealth and State government grants and payments that are tax free.

For more information, see What to exclude from your business's assessable income.

Examples of assessable government industry assistance are:

  • bounties
  • employee subsidies
  • export incentive grants
  • fuel tax credits
  • industry restructuring and adjustment payments
  • Apprentices and Trainees wage subsidy
  • producer rebate (wine equalisation tax)
  • excise refund scheme for alcohol manufacturers
  • product stewardship for oil program benefit.

For more information, see Taxation Ruling TR 2006/3 Income tax: government payments to industry to assist entities (including individuals) to continue, commence or cease business

Don't show ‘Medicare payments received by medical practices’ at this question. Show them at Other business income.

Completing this question

Step 1: Write the total primary production government industry payments you receive by each business at P8 Income – label G in your schedule. Don't show cents.

If you have completed the Gross income from primary production worksheet in Information for primary producers 2025, include at P8 Income – label G the amount from PP11 in the worksheet.

Step 2: Write the total non-primary production government industry payments you receive by each business at P8 Income – label H. Don't show cents.

Step 3: If your assessable government industry payments include fuel tax credits, producer rebate (wine equalisation tax), excise refund scheme for alcohol manufacturers or product stewardship for oil program benefit, print D in the Type box at the right of the amount at P8 Income – label G (for primary production government industry payments) or label H (non-primary production government industry payments).

Step 4: Add up the amounts you have written at P8 Income – labels G and H and write the total in the adjacent Totals box.

Other business income

Follow the instructions to complete this label.

Do you receive any other business income?

You need to know

Other business income includes:

  • gross sales of trading stock
  • gross sales from produce
  • goods taken from stock for your own use
  • value of livestock killed for rations
  • value of livestock exchanged for other goods or services
  • gross earnings from services
  • rent derived from carrying on a business of renting property
  • income earned through the sharing economy, or other marketplace, where you're carrying on a business
  • taxi driver and ride-sourcing earnings (income you earn as a non-employee taxi driver if you don't show it at item P1)
  • amounts received as recoupment of expenses
  • bad debts recovered
  • profit on sale of depreciating assets
  • royalties
  • insurance recoveries
  • subsidies
  • employee contributions for fringe benefits
  • assessable non-government assistance from all sources
  • foreign exchange (forex) gains.

Your ‘other business income’ excludes amounts shown at labels C, D, B, E, F, N, O, G and H in your schedule.

If you're a primary producer, you must add the amounts shown at PP1, PP2, PP6, PP7 and PP10 on your Gross income from primary production worksheet. This worksheet is included in Information for primary producers 2025. You must add the total to any other income from a business of primary production referred to above. You show the total of all other income from the business of primary production at P8 Income – label I in your schedule.

Completing this question

Step 1: Write your total amount of ‘other’ primary production business income or loss at P8 Income – label I in your schedule. Don't show cents.

Step 2: If you make a loss, print L in the box at the right of the amount at label I.

Step 3: Write your total amount of ‘other’ non-primary production business income or loss at label J. Don't show cents.

Step 4: If you make a loss, print L in the box at the right of the amount at label J.

Step 5: Add up your ‘other’ primary production and non-primary production business income or loss and write the total in the adjacent Totals box.

Step 6: If you make a loss, print L in the box at the right of the Totals box.

Total business income

Step 1: Add up the primary production amounts shown at P8 Income – labels C, E, G and I in your schedule. Write the total at TOTAL BUSINESS INCOME in the Primary production column.

Step 2: If you make a loss, print L in the box at the right of the amount at TOTAL BUSINESS INCOME in the Primary production column.

Step 3: Add up the non-primary production amounts shown at P8 Income – labels D, B, F, O, H and J. Write the total at TOTAL BUSINESS INCOME in the Non-primary production column.

Step 4: If you make a loss, print L in the box at the right of the amount at TOTAL BUSINESS INCOME in the Non-primary production column.

Step 5: Add up the amounts at TOTAL BUSINESS INCOME in the Primary production and Non-primary production columns and write the total in the adjacent Totals box. If you make a loss, print L in the box at the right of this amount.

Continue to: Expenses – P8

Return to: Business income and expenses – P8

 

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