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This Tax worksheet for pastoral or livestock accounts may be used:

  • to record income and expenses of a primary production nature and

  • to calculate natural increase of livestock herds or flocks.

Also refer to Borrowing Costs.

Integration

The integration options are selected from a list which offers:

  • N Integrate amounts only to Business item

  • P Integrate amounts to Personal Services Business item (Form I only)

  • Y Integrate main business details to Business item

Total deductions - payments to associates for principal work

Extra fields have been added to the end of Schedule C to accommodate the introduction of personal services income (PSI)* relating to total deductions for principal work done by associates.

The totals integrate to Item P1, Labels K and L. Refer to Item P1-Personal Services Income for information about Personal Services Business Qualification.

Completing the Worksheet

This worksheet lists the types of primary production income and deductions. All amount fields allow for a grid to be attached for record keeping and dissection purposes.

Other: At fields for other income and other expenses, where you provide both description and amount. To add extra lines click [Ctrl+Insert].

Depreciation worksheet: To open this worksheet from the Depreciation field click [Alt+S]. Refer to Depreciation worksheet (d).

Capital Works Deductions: Use the Capital Works Deductions worksheet to record the details and calculate the accurate deduction allowed. Refer to Capital works deductions worksheet (sbw).

Amounts from MV worksheet: At this field in Schedule C the amount integrates from item 07 Total motor vehicle expenses allocated in the Motor Vehicle worksheet (mve). Integration depends on selecting code c for PP Income and expenses and entering the percentage to be applied. Refer to Motor vehicle worksheet (mve).

Payment Summary Schedule: For the primary production income in worksheet C to agree with the Labels in the main return, you must enter the total of the amounts entered in the Payment Summary schedule for primary production labels C, E and N in the fields located in the worksheet above the access point to the Payment Summary schedule. To access the Payment Summary from worksheet C select Y and press [Enter].