Jointly earned investment income
This comprises income that has been jointly earned with another person, for example, interest where the account is shared, dividends where the income is split between taxpayers and jointly owned Rental properties. For these purposes and because it is only those joint dealings that ended in a positive value that are included in the labels at A3, provision has been made for four (4) different sharing groups. Entering the name of the person with whom you are sharing will open that column to data entry. For example, the first group may be the taxpayer and spouse (Norm & Betty); the second might be Norm and his brother Bill and so on. The second half of the worksheet is for the expenses incurred by the taxpayer in earning that share of income. In this way, only those groups that result in positive income will be included at the labels at A3.
Jointly earned Business income
This is any other income, other than Partnership income, which is earned or shared with another person or persons, for example, Forestry Managed Investment Scheme income earned jointly with another person, or other income at item 24. That might fall into this category. Likewise provision has been made for there to be four (4) groups.