Completing this item
To work out your net PSI go through the following steps:
Step 1, Add up the amounts shown at M, N, O and J item P1.
Step 2, Add up the amounts shown at K and L item P1.
Step 3, Subtract the amount calculated at Step 2 from the amount calculated at Step 1. Write your answer at A item P1.
Step 4, Transfer the amount at A item P1 to A item 13 on page 9 of your tax return (supplementary section).
If the amount is a loss, you must:
- print L in the LOSS box at the right of A item P1
- print L in the LOSS box at the right of A item 13 on your tax return (supplementary section).
Other business income
Did you have any business income other than PSI?
Yes |
Go to item P2 Description of main business or professional activity |
---|---|
No |
Read on. |
Finishing your schedule
If the only income you need to show on your schedule is personal services income, you now only need to complete:
- P2 Description of main business or professional activity
- P3 Number of business activities
- P9 Business loss activity details (if you had a loss)
- P10 STS depreciating assets (if you are an STS taxpayer and have claimed STS depreciation).
Check that you have…
- written your tax file number and your full name on page 1 of your Business and professional items schedule for individuals 2005-06
- transferred your net PSI amount from A item P1 to A item 13 on your tax return (supplementary section). If this amount is a loss, check that you printed L in the LOSS box at the right of A.
- signed and dated your schedule and attached it to page 3 of your tax return
- completed and attached your Individual PAYG payment summary schedule 2005-06 to page 3 of your tax return (if you received PSI that was subject to withholding).