Item 5 Business income 2023
Income excluding foreign income
For each type of income and expense, enter primary production and non-primary production amounts separately.
Complete labels C, D and B In the Non-individual payment summary schedule (PS).
At all other labels at item 5:
in the primary production column:
enter all amounts directly into the return or
click a label to open the Primary Production Income and Deductions worksheet (Schedule C).
in the non-primary production column:
enter all amounts directly into the return or
click a label to open the Profession, Trade or Business Income and Deductions worksheet (Schedule B).
When you complete the Schedule B, rolled over or manually entered business name details in the return are overwritten unless you include them in the schedule. Once opened, you can't edit any fields in the return, you can make your changes in the Schedule B. This also applies to the Primary Production worksheet, Schedule C.
Item 5: Business income labels
Labels C and D: Gross payments where ABN not quoted
It's important to read the information on item 5: income on the ATO website.
The amounts at labels C and D show the partnership's gross income received subject to withholding where an ABN was not quoted. See Payment summary schedule (PS) 2023.
This includes amounts of tax withheld.
To show an amount at labels C and D, complete the ATO Non-individual PAYG payment summary schedule (PS) for each payment, selecting:
- income type Business
- payment type code N.
We'll filter the totals through to labels C and D at item 5 and the tax withheld amount to item 6.
Close the PS.
Select Preparation > Delete schedules.
Highlight the entry you want to delete and click Delete.
If you want to keep the text to use in a future year, only delete the values from the $ amount fields.
Label B: Gross payments subject to foreign resident withholding (excluding capital gains)
It's important to read the information on item 5: income on the ATO website.
There's no label A as this type of income doesn't apply to primary producers.
At label B, show gross payments to the partnership that were regulated foreign resident income. Gross payments include amounts withheld.
To show an amount at label B, complete a Non-individual PAYG payment summary schedule (PS) to be lodged with the return. In the schedule select:
- Income type Business
- Payment type code F. The income amount integrates to label B at item 5 and tax withheld amount to item 6 label U. See Payment summary schedule (PS) 2023.
Each entry in the PS is a separate payment summary.
- Close the PS.
- Select Preparation > Delete schedules.
- Highlight the entry you want to delete and click Delete.
If you want to keep the text to use in a future year, only delete the values from the $ amount fields.