Item 5 Business income

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).

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.

Each entry in the PS is a separate payment summary.

To delete an entry

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).

Each entry in the PS is a separate payment summary.

To delete an entry

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 E and F: Assessable government industry payments

It's important to read the information on item 5: income on the ATO website before completing this item.

At label E, Tax provides Schedule C. See Schedule C (primary production worksheet).

At label F, Tax provides Schedule B. See Schedule B (business income worksheet).

Label G and H: Other business income

It's important to read the information on item 5: income on the ATO website.

This is the amount of any other business income (or loss) derived by the partnership, and not already included at any of labels C, D, B, E and F.

At label G and H, show any other business income, such as:

revenue arising from the sale of goods,
services rendered,
disposal of depreciated assets,
work in progress amounts assessable under section 15–50 of the ITAA, and
royalties.

At label G, Tax provides the Schedule C. See Schedule C (primary production worksheet).

At label H, Tax provides Schedule B. See Schedule B (business income worksheet).

Total business income is auto-calculated for:

total primary production income
total non-primary production income
overall total income.

If the TOFA rules apply to the partnership, include other business income from financial arrangements subject to the TOFA rules at G or H.