INCOME

Any GST dealt with on a BAS must be omitted from the I Form business income & expenses

The accruals method should be used if:

a)      The business is trading stock, AND

b)      The business has chosen to remain outside the STS

Note that goods taken from stock are treated as sales at cost.

INCOME

67032

CODE

OPENING STOCK

+ PURCHASES AND OTHER COSTS

- CLOSING STOCK

Codes to value closing stock:

C cost   M market price  R replacement value

= COST OF SALES

opening + purchases - closing

CONTRACTOR, SUBCONTRACTOR

& COMMISSION EXPENSES

Payments to outside labour; not the business’s own employees.

SUPERANNUATION EXPENSES

The superannuation levy paid to employees. The taxpayer’s own super deduction is put at item D13.

BAD DEBTS

To be claimed as a bad debt, the money must have been included previously as income (under the accruals system) but not paid.

LEASE EXPENSES

Includes leasing a motor vehicle.

RENT EXPENSES

14400

INTEREST EXPENSES WITHIN AUSTRALIA

Includes interest paid on a motor vehicle loan

          DEPRECIATION EXPENSES

STS general pool

7568 x 30% = 2270

1320 x 15% = 198

2459

MOTOR VEHICLE EXPENSES

Codes S, T, B, O, N.

N is used if it is a ‘D2’ motor vehicle.

REPAIRS & MAINTENANCE

This label is for repairs and maintenance of machinery used in the business, not repairs and maintenance of motor vehicles.

ALL OTHER EXPENSES

Wages paid to employees usually go here.

18113

Council and water rates

1010

Advertising

657

Insurance

1000

Telephone

1221

Hire of equipment

2400

Electricity

2024

Accounting

528

Materials

9273

TOTAL EXPENSES

34972

RECONCILIATION ITEMS

Includes balancing adjustments on disposal of assets, section 40-880, deductions for environmental and land care, and project pool. and.

NET INCOME/LOSS THIS YEAR

32060

DEFERRED NON-COMMERCIAL BUSINESS LOSSES FROM A PRIOR YEAR

NET INCOME OR LOSS

FROM BUSINESS > ITEM 14

32060