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Re: Other foreign income and Small business income tax offset

Initiate

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Replies 4

I'm reporting Other foreign income for earnings as a sole trader, and was prompted to complete the Small business income tax offset section. Do I need to report that income anywhere else? I only ask because myTax is now giving me the warning because I haven't put anything into the business income sections (which I haven't, because all my sole trader income was foreign). 

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Most helpful response

ATO Community Support

Replies 1

Hello @DrSam,

 

You also need to complete the Business and professional items schedule. Please see step 4 under Part E on our 20 Foreign source income and foreign assets or property 2021 instructions page. 

4 REPLIES 4

Most helpful response

ATO Community Support

Replies 1

Hello @DrSam,

 

You also need to complete the Business and professional items schedule. Please see step 4 under Part E on our 20 Foreign source income and foreign assets or property 2021 instructions page. 

Initiate

Replies 0

Thanks, @KaraATO

I had already reported the income under Foreign sources of income as you described. It's just that myTax is warning me because I haven't reported that income under 15 Net income or loss from business 2021, but that I have filled out the details for the Small business income tax offset. 

ATO Community Support

Replies 1

Hi @DrSam

 

If the warning is red, it's a stopper and you'll need to fix this. If it's not red, it's just a warning, and you can progress despite it.

 

You may want to use our Live Chat service, available on page 3 and 4. We can help you in real-time, and even see your screen to guide you along and understand the errors you're getting.

Initiate

Replies 0

Thank you @BlakeATO, I may well do that.