ato logo
Search Suggestion:

15 Net income or loss from business 2015

Complete question 15 to report income you derive or losses you incur from any business.

Last updated 15 June 2016

Did you derive income or incur a loss from any business?

No

Go to question 16 Deferred non-commercial business losses, or return to main menu Individual tax return instructions.

Yes

You cannot lodge a paper return. You must lodge your tax return using Tax return for individuals (NAT 2541) or a registered tax agent.

This question covers:

  • income from being a sole trader
  • income or a loss from a primary production business
  • income under a pay as you go (PAYG) voluntary agreement
  • income from which an amount was withheld because you did not quote your Australian business number (ABN)
  • income you derived as a foreign resident from which an amount was withheld because it was subject to foreign resident withholding
  • income of an independent contractor working under a labour hire arrangement
  • income from the following specified payments
    • payment for tutorial services provided for the Indigenous Tutorial Assistance Scheme of the Department of the Prime Minister and Cabinet
    • payment for translation and interpretation services provided for the Translating and Interpreting Service National of the Department of Home Affairs
    • income as a performing artist in a promotional activity
     
  • any other business income.

A specified payment is a payment specified in tax law for PAYG withholding purposes.

Note: Do not show at this item personal services income included at item 14 Personal services income (PSI).

You need to know

See Business and professional items 2015 before you complete this item.

You must show your net income or loss (that is, gross business income less business deductions) at item 15, B for primary production and C for non-primary production.

You carry on a primary production business if you carry on a business in any of the following:

  • cultivating or propagating plants, fungi or their products or parts (including seeds, spores, bulbs and similar things) in any physical environment
  • maintaining animals for the purpose of selling them or their bodily produce (including natural increase)
  • manufacturing dairy produce from raw material you produced
  • conducting operations relating directly to taking or catching fish, turtles, dugong, bêche-de-mer, crustaceans or aquatic molluscs
  • conducting operations relating directly to taking or culturing pearls or pearl shell
  • planting or tending trees in a plantation or forest that are intended to be felled
  • felling trees in a plantation or forest
  • transporting trees, or parts of trees, that you felled in a plantation or forest to the place
    • where they are first to be milled or processed, or
    • from which they are to be transported to the place where they are first to be milled or processed.
     

Note: If you are a primary producer, see Information for primary producers 2015.

What you may need

These publications may help you to correctly complete this item:

Completing this item

Part A

Business and professional items schedule for individuals 2015 and Individual PAYG payment summary schedule 2015

Step 1

Complete the Business and professional items section.

Step 2

If you received business income from which tax was withheld, complete the Individual PAYG payment summary schedule 2015.

Part B

Did you derive income or incur a loss from a primary production business?

No

Go to Part C.

Yes

Read on.

Step 1

Transfer your net income or loss from a primary production business shown at Y item P8 in the Business and professional items section to B item 15. Do not show cents.

Step 2

If you made a loss, print L in the Loss box at the right of B item 15.

Step 3

If you made a loss in 2014-15 from one or more business activities, check that you have completed items P3 and P9 in the Business and professional items section.

Part C

Did you derive income or incur a loss from any non-primary production business?

No

Go to Part D.

Yes

Read on.

Step 1

Transfer your net income or loss from a non-primary production business shown at Z item P8 in the Business and professional items section to C item 15. Do not show cents.

Step 2

If you made a loss, print L in the Loss box at the right of C.

Step 3

If you made a loss in 2014-15 from one or more business activities, check that you have completed items P3 and P9 in the Business and professional items section.

If you carried on a business as an author of a literary, dramatic, musical or artistic work or as an inventor, performing artist, production associate or active sportsperson, you must also write the amount of income from these business activities at Z item 24 Other income. You will not be taxed twice on this income.

Part D

In your calculation of total business income in the Business and professional items section, did you include income from which an amount of tax was withheld at the income items B, C, D, E, F, N or O item P8?

No

Go to Check that you have...

Yes

Read on.

Step 1 Did you have any amounts of tax withheld under a pay as you go (PAYG) voluntary agreement?

No

Go to Step 2.

Yes

Read on.

Add up all the amounts on your Individual PAYG payment summary schedule 2015 shown in the Tax withheld boxes where you have printed V in the Type box. These amounts must correspond with the payments shown at E and F item P8 in the Business and professional items section. Show this total at D item 15. Do not show cents.

Step 2 Did you have any amounts of tax withheld because you did not quote your Australian business number (ABN)?

No

Go to Step 3.

Yes

Read on.

Add up all the amounts on your Individual PAYG payment summary schedule 2015 shown in the Tax withheld boxes where you have printed N in the Type box. These amounts must correspond with the payments shown at C and D item P8 in the Business and professional items section. Show this total at W item 15. Show cents.

Step 3 Did you, a foreign resident, have any amounts of tax withheld because your income was subject to foreign resident withholding?

No

Go to Step 4.

Yes

Read on.

Add up all the amounts on your Individual PAYG payment summary schedule 2015 shown in the Tax withheld boxes where you have printed F in the Type box. These amounts must correspond with the payments shown at B item P8 in the Business and professional items section. Show this amount at E item 15. Show cents.

Step 4 Did you have any amounts of tax withheld because you received income:

  • working under a labour hire arrangement, or
  • from a specified payment?

No

Go to Check that you have...

Yes

Read on.

Add up all the amounts on your Individual PAYG payment summary schedule 2015 shown in the Tax withheld boxes where you have printed S in the Type box. These amounts must correspond with the payments shown at N and O item P8 in the Business and professional items section. Show this amount at F item 15. Do not show cents.

Check that you have...

  • Read the publication Business and professional items 2015
  • Completed the Business and professional items section
  • Transferred the amounts from Y and Z item P8 in the Business and professional items section to B and C item 15 respectively on your tax return (if these amounts are losses then check that you have printed L in the LOSS boxes at the right of B and C)

If you received business income from which tax was withheld also check that you have:

  • completed the Individual PAYG payment summary schedule 2015 and attached it to page 3 of your tax return
  • written amounts at D, W, E and F item 15, if required.

Where to go next

QC44132