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Taxable professional income

Last updated 25 May 2020

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 this income
  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

For us to work out your income averaging, you must complete Z item 22 on your Tax return for individuals (supplementary section) 2007 - see step 3 question 22 in TaxPack 2007 supplement and read the following.

The amount to write at Z item 22 on your tax return (supplem7entary 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 of your tax return. We will take these into account to work out your TPI and your income averaging.

At V item 22 on your tax return (supplementary section), write the total of your Category 2 other income - see step 1, question 22 in TaxPack 2007 supplement- including the amount you wrote at Z item 22. Do not include any amounts already shown at item 1, 2, 12, 13 or 14 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 22. If you include your TPI at V, do not claim any deductions you used to work out that income at items D1 to D10 or D11 to D15 on your tax return.

QC27897