Amounts to include
The amounts to be included in the P8 Business income and expenses are amounts derived from your accounting system or financial statements, except for:
- the values of opening and closing stock, which are to be shown as tax values, and
- depreciation expenses for small business entities choosing to use the simplified depreciation rules, which are to be shown as tax values.
The income and expense amounts to be included should form part of your profit and loss statement and are the basis for calculating your net profit or loss. You should deal with any adjustments to these amounts for tax purposes in P8 Reconciliation items.
Show PSI and related expenses at P1 Personal service income and PSI subject to foreign resident withholding at P8 – label B.
Former STS taxpayers
If you are eligible and are continuing to use the STS accounting method, you must use it to complete the income and expenses sections.
For more information, see Former simplified tax system (STS) taxpayers.
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