Before you start
Worksheet 2 helps you to complete question A3 – labels F, G and H. Worksheet 2 separates out deductions from joint income and identifies business deductions.
See, Tax time definitions for the specific meaning of the terms we use.
Step 1: Amounts from your individual tax return
Complete column (b) in worksheet 2 by transferring the amount from your tax return 2024 for the items listed in column (a).
Step 2: Work out how much of your deduction relates to solely earned and jointly earned income
- For each amount in column (b), work out the amounts in columns (c), (d), (e) or (f) depending on the source of the income to which the deduction applies.
- Write the amounts in columns (c), (d), (e) or (f) that deduction relates to income that came from:
- a trust, show the amount in column (c)
- you individually, show the amount in column (c) or (d) as appropriate
- a partnership, show the amount in Worksheet 4
- a joint income group, show the amount in column (e) or (f) as appropriate.
If you have more than one joint income group duplicate columns (e) and (f) on a separate sheet of paper.
Step 3: Work out your total deductions
- Work out your total deductions by adding up cells (g), (h) and (i).
- Transfer the amount at cell (g) to cell (d) on Worksheet 6.
Step 4: Total gross income for each joint income group
Transfer amounts from Worksheet 1 – step 4 column (j) and (k) to worksheet 2 columns (j) and (k) .
Step 5: Work out your joint income amount
- For each joint income group, subtract
- cell (h) and from cell (j) – enter the amount at cell (l)
- cell (i) and from cell (k) – enter the amount at cell (m).
- For each separate joint income group, add the amount at cells (l) and (m), enter the amount at cell (n) in worksheet 2 (this will either by a positive or negative amount).
- For each income group you need to separately translate the worksheet 2 results to worksheet 6 using the instructions in Table 1 or Table 2 as appropriate.
|
(a) Deductions shown at the following: |
(b) Deductions shown in your tax return |
(c) Deductions from solely earned non-business income |
(d) Deductions from solely earned business income |
(e) Income group 1 |
(f) Income group 1 |
|---|---|---|---|---|---|
|
1. Low value pool deduction (question D6 – label K) |
$ |
$ |
$ |
$ |
Does not apply |
|
2. Interest deductions, such as bank fees (question D7 – label I) |
$ |
$ |
$ |
$ |
Does not apply |
|
3. Dividend deductions (question D8 – label H) |
$ |
$ |
Does not apply |
$ |
Does not apply |
|
4. Cost of managing tax affairs (question D10 – labels N, L and M) |
$ |
$ |
$ |
$ |
$ |
|
5. Other deductions relating to distribution (question 13 – labels X and Y that relates to share of net income from trusts only) |
$ |
$ |
Does not apply |
$ |
Does not apply |
|
6. Farm management deductible deposits (question 17 – label D) |
$ |
$ |
$ |
$ |
Does not apply |
|
7. Foreign source income deductions (you included when calculating the amount shown at question 20 – labels T, L, D, R, and M) |
$ |
$ |
$ |
$ |
Does not apply |
|
8. Rent |
$ |
$ |
Does not apply |
$ |
Does not apply |
|
9. Forestry managed investment scheme deductions (question D14 – label F) |
$ |
$ |
$ |
$ |
$ |
|
10. Other deductions (question D15 – label J) |
$ |
$ |
$ |
$ |
$ |
|
11. PSI deductions (question P1 – labels K and L) |
$ |
$ |
$ |
Does not apply |
Does not apply |
|
Total deductions: add up each column except (c) |
$ |
$ |
(g) $ |
(h) $ |
(i) $ |
|
Total gross income for each joint income group (transfer amounts from worksheet 1) |
$ |
$ |
$ |
(j) $ |
(k) $ |
|
Joint income, for each joint income group, subtract (h) from (j) and (i) from (k). |
n/a |
n/a |
Transfer amount at (g) to (d) on worksheet 6 |
(l) $ |
(m) $ |
|
(n) is the total net income for each income group: add (l) and (m). |
n/a |
n/a |
n/a |
(n) $ |
(n) $ |
|
Result |
Action 1 |
Action 2 |
|---|---|---|
|
Amount at cell (m) is negative or 0 (zero). |
Transfer amount at (n) to (e) on Worksheet 6 and write 0 at (g) on worksheet 6 next to the correct joint income group. |
Write 0 (zero) at cell (f) on Worksheet 6, next to the correct joint income group. |
|
Amounts at cells (l) and (m) are positive. |
Transfer amount at (n) to (e) on Worksheet 6 and write 0 at (g) on worksheet 6 next to the correct joint income group. |
Transfer amount at (m) to (f) on Worksheet 6, next to the correct joint income group. |
|
Amount at cell (l) is negative and cell (m) is positive. |
Transfer amount at cell (n) to both cells (e) and (f) on Worksheet 6 next to the correct joint income group. |
Write 0 (zero) at cell (g) on Worksheet 6 next to the correct joint income group. |
|
Result |
Action 1 |
Action 2 |
|---|---|---|
|
Amount at cell (m) is negative and cell (l) is 0 (zero). |
Write 0 (zero) at the joint income group for both cells (e) and (f) on Worksheet 6, next to the correct joint income group. |
Transfer as a positive figure the amount at cells (n) to (g) on Worksheet 6, next to the correct joint income group. |
|
Amount at cell (l) is positive and cell (m) is negative. |
Write 0 (zero) at both cells (e) and (f) on Worksheet 6, next to the correct joint income group. |
Transfer as a positive figure the amount at cells (n) to (g) on Worksheet 6, next to the correct joint income group. |
|
Amount at cell (l) is negative and cell (m) is positive or 0 (zero). |
Write 0 (zero) at both cells (e) and (f) on Worksheet 6, next to the correct joint income group. |
Write 0 (zero) at cell (g) on Worksheet 6, next to the correct joint income group. |
|
Amount at cell (l) is negative and cell (m) is negative. |
Write 0 (zero) at both cells (e) and (f) on Worksheet 6, next to the correct joint income group. |
Transfer as a positive figure the amount at cells (m) to (g) on Worksheet 6, next to the correct joint income group. |
Continue to: Worksheet 3: Working out your partnerships distribution
Return to: Instructions to complete the government super contributions worksheets