Who is this schedule for?
This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.
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If you complete items 14, 15 or 16 of your tax return (supplementary section), you must fill in the Business and professional items schedule for individuals 2011 and send it in with your tax return. These instructions will help you to fill in the schedule. If the business or professional items that apply to you are not filled in, your tax return will be sent back to you. We consider that your tax return has not been lodged until it is returned to us complete.
If your tax return and completed schedule are lodged late, you may be liable for a penalty. For information on the penalty for failing to lodge on time, see TaxPack 2011 (NAT 0976).
If you have a net loss from a business activity carried on in partnership with others, you may need to complete items P3 and P9 of the schedule. See question 13 in TaxPack 2011 supplement (NAT 2677). Do not include your partnership details at any other item on your schedule.
You will also need to complete the Individual PAYG payment summary schedule 2011 if you received any of the following:
- PAYG payment summary - business and personal services income
- PAYG payment summary - withholding where ABN not quoted
- PAYG withholding payment summary - foreign residents.
These instructions will also help you fill in the Individual PAYG payment schedule 2011.
Last modified: 04 Mar 2016QC 28003