Refer to Item 15 - Net income or loss from business on the ATO website.
You cannot enter values at labels B, C, A, D, W, E or F.
This amount defaults from label Y at item P8.
This amount defaults from label Z at item P8.
Small Business - Eligibility
This question must be answered and eligibility re-affirmed each year to be eligible for the Net small business income tax offset (SBTO), and to use the simplified depreciation rules.
Press [Enter] at this question to open the Small Business Entity worksheet (sbe). The answer to both eligibility questions in the worksheet must be Y.
Press [Alt+S] at question two to open the Small business entity aggregated turnover worksheet (sat). You may also access the sbe worksheet from the depreciation worksheet (d) and if you have done so the eligibility question will already be answered.
Aggregated turnover for small business has been increased from $2 million to $10 million and for the SBITO $5 million with an increase in the percentage applied to SBI up from 5% to 8% capped at $1,000.
If you have indicated that the taxpayer is a small business entity, values will be defaulted from B and C to the fields in the Small business income worksheet (for SBTO) (sbc). Any offset calculated will be included in the taxpayer’s [F4] Estimate.
Small Business - Tax Withheld
Press [Enter] at the labels D, W, E and F to open the Payment Summary schedule. Refer to Payment summary schedule (PS).
The Payment Summary schedule the entries are totalled and returned at the relevant labels in the return:
The income amounts integrate to item P8 labels C, A, E and N.
The Tax withheld amounts integrate to item 15 labels D, W, E and F at item 15.
This amount will be the sum of entries from the Payment Summary (PS) where the Income type is B and the payment type is V. The ATO will accept dollars and cents at label D.
This amount will be the sum of entries from the Payment Summary (PS) where the Income type is B and the payment type is N. The ATO will only accept whole dollar amounts at this label, so don't enter cents at label W.
This amount will be the sum of entries from the Payment Summary (PS) where the Income type is B and the payment type is F. The ATO will only accept whole dollar amounts at this label, so don't enter cents at label E.
This amount will be the sum of entries from the Payment Summary (PS) where the Income type is B and the payment type is S.
If the taxpayer received income from carrying on a business as an artist, composer, inventor, performer, production associate, active sportsperson or writer, the net business income/loss is shown at label C of item 15 but the Taxable professional income (eligible income for averaging purposes) must be entered at item 24, label Z. For full details on calculating Professional eligible income, refer to Item 24 - Other Income.
7-001 Concessions and tools for small business entities
7-200 Concessional corporate tax rate
10-110 Business income
16-015 Expenses necessarily incurred in carrying on a business
18-030 What is income from primary production?
26-100 PAYG withholding: introduction