PAYG Instalment Income Worksheet (Label T1)

• Fees for services

• Gross sales

• Gross rent

• Interest paid or credited to a bank account

• Royalties

• Share of partnership income (see below)

• Share of trust income (see below)

• Amounts drawn from farm management deposits

• Other income

• For trustees of a superannuation fund, eligible approved deposit fund or pooled superannuation trust, the statutory income (for example, capital gains) as well as ordinary income must be included.

Do not include:

• any income from which amounts have been withheld or should have been withheld (other than income from which tax has been withheld a TFN or ABN was not provided

• any franking credit recorded on a dividend statement

• any amount that is only deemed to be a dividend under a specific provision of the income tax laws

• capital gains, unless the business is a trustee of a superannuation fund, eligible approved deposit fund or pooled superannuation trust (or a life insurance entity or registered organisation), and

• exempt income (which include Commonwealth of Australia government pensions, allowances and payments, Defence Force and United Nations payments and child support payments).

Information for Partners

A partner, other than a partner in a limited partnership, is required to include their share of any partnership income in their instalment income for the instalment quarter. A partner must include income for each partnership in which they are a partner.

The amount is calculated using the following formula:

Where:

A = the assessable income from the partnership for the last income year*

B = the partnership's instalment income for the current period

C = the partnership's instalment income for the last income year*

Partners in a corporate limited partnership are only liable to include an actual distribution from the partnership in the instalment income.

Information for Beneficiaries of Trusts

A beneficiary, other than a beneficiary in a corporate unit trust or public trading trust, is required to include their share of any trust income in their instalment income for the instalment quarter. A beneficiary must include income for each trust in which they are a beneficiary.

The amount is calculated using the following formula:

Where:

A = The assessable income from the Trust for the last income year*

B = Trust's instalment income for the current period

C = Trust’s instalment income for the last income year*

If the business is a beneficiary in a corporate unit trust or public trading trust, it is only liable to include an actual distribution from the trust in the instalment income.

If the amount was nil, an amount must be included in the instalment income that is fair and reasonable. Calculate this amount by considering the interest in the partnership or trust, the partnership's or trust's instalment income for the current period and any other relevant circumstances.