• Other business income

    Attention

    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

    Did you receive any other business income?

    No, Go to Total business income.

    Yes, Read on.

    You need to know

    Other business income includes:

    • gross sales of trading stock
    • gross sales from produce
    • goods taken for own use from stock
    • value of livestock killed for rations
    • value of livestock exchanged for other goods or services
    • gross earnings from services
    • taxi driver earnings (income you earned as a non-employee taxi driver if it is not shown 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, and
    • foreign exchange (forex) gains - for more information about forex gains, visit our website or see question 22 in TaxPack 2006 supplement.

    Your 'other business income' excludes amounts shown at C, D, B, E, F, O, G and H on your schedule.

    If you are a primary producer, you must add the amounts shown at PP1, PP2, PP6, PP7 and PP10 on your primary production worksheet. This worksheet is included in the publication Information for primary producers 2006. 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 I item P8 on page 2 of your schedule.

    Completing this item

    Step 1, Write your total amount of 'other' primary production business income or loss at I item P8 on page 2 of your schedule. Do not show cents.

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

    Step 3, Write your total amount of 'other' non-primary production business income or loss at J. Do not show cents.

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

    Step5, Add up your 'other' primary production and non-primary production business income or loss and write the total in the adjacent Totals box.

    Step6, If you made a loss, print L in the box at the right of the Totals box.

    Last modified: 01 Sep 2006QC 18499