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These notes are intended to be a guide only. None of the comments contained in these seminar notes are intended to be advice, whether legal, financial or professional. You should not act solely on the basis of the information contained in these notes because many aspects of the material have been generalised and the tax laws apply differently to different people in different circumstances. Further, as tax and related laws change frequently, there may have been changes to the law since the notes were written. Specific advice should always be obtained from a tax professional.
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Notes Online Home 2023 Income Tax Basics Day 1 Business and Professional Items Schedule
In this chapter of the seminar notes we discuss the Business and Professional Items Schedule under the following broad headings:
- Item P1 – Person Services Income (‘PSI’)
- Completing Items P2, P3, P4, P5, and P6
- Item P8 – Business income and expenses
- Item P9 – Business loss activity details
- Item P10 – Small business entity simplified depreciation
- Item P11 – Temporary full expensing
- Item P12 Small business boosts
- Other business and professional items