Business and Professional Items Schedule for Individuals 2012 Tax

This document presents a completed Business and Professional Items Schedule for Individuals 2012, designed for tax filing purposes. It covers various sections, including personal services income (PSI), business income and expenses, and reconciliation items. The schedule details PSI calculations, income sources, and expense categories such as contractor payments, superannuation, and depreciation. It also includes sections for business loss activity details, small business entity depreciating assets, and other business-related items such as trade debtors and creditors. The document serves as a comprehensive guide for individuals to accurately report their business and professional items, ensuring compliance with tax regulations and facilitating the correct calculation of net income or loss from business activities. It emphasizes the importance of accurate data entry and provides a structured approach to complete the schedule, which is crucial for the overall tax return process.

Your tax file number (TFN)
See the Privacy note in the Taxpayer’s
declaration on page 12 of your Tax return
for individuals 2012.
You must read the publication Business and professional items 2012 before you can complete th
and items 13, 14, 15 or 16 on your Tax return for individuals (supplementary section) 2012.
Your name Title – for example,
Mr, Mrs, Ms, Miss
Print your full name. Surname or
family name
Given names
LOSS
, .00ANet PSI (M + N + O + J ) less (K + L ) ,
, .00L
Total amount of other
deductions against PSI ,
, .00K
Deductions for payments to
associates for principal work ,
, .00JPSI – other ,
, .00O
PSI – labour hire or other
specified payments ,
, .00N
PSI – where Australian
business number not quoted ,
, .00MPSI – voluntary agreement ,
NO YESPDid you satisfy the results test? Read on. Go to item P2.
NO YESC
Have you received a personal services business determination(s)
that was in force for the whole of the period you earned PSI? Read on. Go to item P2.
YESNOQDid you receive 80% or more of your PSI from one source? Read on. Go to part B.
P1 Personal services income (PSI)
PART A
If you received less than 80% of your PSI from each source for the whole of the period you earned PSI and
you satisfied any of the following personal services business tests, indicate which business test(s) you satisfied.
Print X in the appropriate boxes.
Transfer the amount atA above toA item 14 P2 and P3.
Do not show at item P8 any amount you have shown at part B of item P1.
If you printedX at D1, E1 or F1 go to item P2 on page 2; otherwise go to part B.
PART B
Do not show amounts at part B
that were subject to foreign resident
withholding. Show these at item P8.
D1Unrelated clients test Employment test F1Business premises test
NO YESDid you receive any
personal services income? Go to item P2. Go to part A.
Business and professional 2012
items schedule for individuals
1 July 2011 to 30 June 2012
Please print neatly in BLOCK LETTERS with a black or blue ballpoint pen
only. Do not use correction fluid or tape. Print one letter or number in ea
box. PrintX in appropriate boxes. Complete your details carefully to avoid
delays in processing your tax return.
NAT 2816–6.2012 IN-CONFIDENCE – when completed PAGE 1
on page13 of your tax return.Complete items
E1
M R
R O B E R T S
A N D Y
X
X
X
X
5 5 8 3 0
1 6 6 0 0
3 9 2 0 0

.00
TOTAL
BUSINESS
INCOME
P8 Business income and expenses
INCOME
Primary production Non-primary production Totals
Gross payments where
Australian business
number not quoted
Gross payments subject
to foreign resident
withholding
Gross payments –
voluntary agreement
Gross payments –
labour hire or other
specified payments
Assessable
government industry
payments
Other business
income
, .00,, .00,, .00,
, .00,, .00J ,, .00I ,
, .00,, .00H ,, .00G ,
, .00,, .00O ,, .00N ,
, .00,, .00F ,, .00E ,
, .00,, .00B ,, .00A ,
,,, .00D ,, .00C ,
TYPETYPE
P3 Number of business activities
P2 Description of main business
or professional activity
P4 Status of businessPrint X in the appropriate box.
B
C1Ceased business
C2Commenced business
P5 Business name of main business and
Australian business number (ABN)
ABN
Suburb or town
P6 Business address of
main business
State DPostcode
P7 Did you sell any goods or
services using the internet? NOYESQ
A
Tax Office
use only
PAGE 2 IN-CONFIDENCE – when completed BUSINESS AND PROFESSIONAL ITEMS
SCHEDULE FOR INDIVIDUALS 2012
E C O M M E R C E
0 1
X
Y
7 3 6 0 7 3 6 0
7 3 6 0

Contractor,
sub-contractor and
commission expenses , .00,, .00 F,, .00,
P8 Business income and expenses – continued
EXPENSES Primary production Non-primary production Totals
All other expenses .00.00 ,,,
.00 P,,,
Repairs and
maintenance .00.00 ,,
.00 , O,,,
TYPE
Motor vehicle
expenses .00.00 ,,
.00 , N,,,
Depreciation
expenses .00.00 ,
.00 ,, M,,,
Interest expenses
overseas .00.00.00 ,,, R,,,
Interest expenses
within Australia .00.00.00 ,,, Q,,,
Rent expenses .00.00.00 ,,, K,,,
Lease expenses .00.00.00 ,,, J,,,
Bad debts .00.00.00 ,,, I,,,
Superannuation
expenses .00.00.00 ,,, G,,,
Foreign resident
withholding expenses .00.00.00 ,,, U,,,
.00
Cost of sales
( K + L ) lessM .00.00 ,,,,,,
TYPE
Closing stock .00.00.00 ,,, M,,,
Purchases and
other costs .00.00.00 ,,, L,,,
Opening stock .00.00.00 ,,, K,,,
TOTAL
EXPENSES .00,,
.00,
.00 ,,, TS
Add up the boxes for each column.
RECONCILIATION ITEMS
Primary production Non-primary production Totals
.00.00
Business deduction
for project pool .00 ,,, L,,,
.00.00
Small business and
general business
tax break
.00 ,,, F,,,
.00.00
Section 40-880
deduction .00 ,,, A,,,
.00
Deduction for
environmental
protection expenses
.00.00 ,,, V,,,
.00.00.00
Landcare operations
and business deduction
for decline in value
of water facility
,,,,,, W
.00.00.00
Income reconciliation
adjustments ,,,,,, X
.00.00.00
Expense reconciliation
adjustments ,,,,,, H
.00.00.00
NET INCOME
OR LOSS FROM
BUSINESS
THIS YEAR
,,,,,, CB
NET INCOME
OR LOSS
FROM
BUSINESS
.00.00 .00 ,,,,,, ZY
Transfer this amount to item 15
on page 14 of your tax return.
Transfer this amount to item 15
on page 14 of your tax return.
.00.00.00 ,,,,,, ED
Deferred
non-commercial
business losses
from a prior year
BUSINESS AND PROFESSIONAL ITEMS IN-CONFIDENCE – when completed PAGE 3
SCHEDULE FOR INDIVIDUALS 2012
1 2 5 0 1 2 5 0
7 2 6 0
1 1 5 0
1 1 5 0

PAGE 4 IN-CONFIDENCE – when completed BUSINESS AND PROFESSIONAL ITEMS
SCHEDULE FOR INDIVIDUALS 2012
P10 Small business entity depreciating assets
For completion by small business entities only. Small business entities
using this concession are not required to complete a Capital allowances
schedule 2012.
, .00A
Deduction for low-cost
assets (less than $1,000) ,
, .00B
Deduction for general pool
assets (less than 25 years) ,
, .00C
Deduction for long-life pool
assets (25 years or more) ,
Write the depreciation deductions, not the pool balances, atA , B and C .
Check that you have included your personal details on this schedule. Attach this schedule to page 3
Tax return for individuals 2012. You will receive your correct entitlement only if this schedule is att
When you have completed this schedule, complete the time taken.
SHours taken to prepare and complete this schedule
P11 , .00ETrade debtors ,
P12 , .00FTrade creditors ,
P13
TYPE
, .00G
Total salary and
wage expenses ,
P14 , .00H
Payments to
associated
persons
,
, .00I
Intangible
depreciating
assets first
deducted
,P15
Other business and professional items
P16 , .00J
Other depreciating
assets first
deducted
,
P17 , .00D
Termination value
of intangible
depreciating assets
,
P18 , .00K
Termination
value of other
depreciating assets
,
P19 Trading stock
election – print Y for
yes or leave blank
P
P9 Business loss activity detailsShow details of up to three business activities in which you made a net loss this year. L
them in order of size of loss – greatest first. If you are completing this item because yo
deferred non-commercial business losses, you must also complete item 16 on your tax
D
Description
of activity
E
Tax Office
use only F Sole traderPartnership
GType of loss
ACTIVITY 1
, .00INet loss ,, .00H
Deferred non-commercial
business loss from a prior year ,
C
Reference
for code 5
CODE
Y
NUMBER
A/
YEAR
J
Description
of activity
K
Tax Office
use only L Sole traderPartnership
MType of loss
ACTIVITY 2
, .00ONet loss ,, .00N
Deferred non-commercial
business loss from a prior year ,
CReference
for code 5
CODE
Y
NUMBER
A/
YEAR
P
Description
of activity
Q
Tax Office
use only R Sole traderPartnership
SType of loss
ACTIVITY 3
, .00UNet loss ,, .00T
Deferred non-commercial
business loss from a prior year ,
C
Reference
for code 5
CODE
Y
NUMBER
A/
YEAR
1 7 9
1 0 7 1