Small business income worksheet (sbc)

This worksheet is used by both the Partnership and the Trust returns.

If you are a small business entity, and have sustained a loss of income in the current income year, a zero will default to item 5: label V—Net small business income.

You must reconcile the net small business income with other assessable income and deductions entered elsewhere in the return, to arrive at the Net small business income for Small business income tax offset (SBITO).

If after reconciling the income and deductions, there is a positive balance, then this is the amount on which the SBITO will be calculated.

You must distribute any SBITO calculated in the Statement of distribution in the partnership or trust return