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Table 2 Self Employed/Business Income

Type of Income

What to Verify

What to Request

Who to contact for Information

Sole Trader

  1. When commenced operating.
  2. Income from business.
  3. When ceased trading.

Signed and dated personal tax returns, including profit and loss statement, balance sheet, and depreciation schedule.

A statement from the pensioner(s) to verify when the business commenced operating.

If operating for less than 12 months request business activity statement (BAS).

Initially contact the pensioners and/or their accountant.

If that fails to bring a response then contact the ATO for the details.

Partnership

  1. How many partners?
  2. Income for period.
  3. Share of Partnership.

Request signed and dated personal and if available (or prepared) partnership tax returns, including profit and loss statement, balance sheet, plus depreciation schedule.

If operating for less than 12 months request business activity statement (BAS).

Copy of Partnership Agreement if appropriate.

Initially contact the pensioners and/or their accountant.

If that fails to bring a response then contact the ATO for the details.

Private Company & Private Trust

Cases identified relating to private companies or private trusts should be immediately forwarded to the Trusts and Companies Team, Income Support Branch, National Office. If a claimant is involved in a private trust or company then the claim is processed by the Trusts and Companies Review Team.

For filing a claim refer to P2/C1/S4 of the CLIK Procedure Library – Where the Claim Form Goes.

Rental Income

  1. Address of property and name and number of owners.
  2. Dates rental commenced and ceased.
  3. Gross weekly amounts received and details of expenses.

A hand written statement of gross rent received and a list of expenses, or a copy of the tax return, signed and dated detailing the above.

A copy of lease agreement may be appropriate.

The pensioner(s) should be able to provide the details, including receipts, but if they are not forthcoming then contact the ATO for the tax returns for the relevant period.

In addition, real estate agents can often supply monthly details showing income and expenses of properties.