P14 - Payments to associated persons
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COMPLETE THIS ITEM IF YOU MADE ANY PAYMENTS TO ASSOCIATED PERSONS AS A BUSINESS EXPENSE
These are amounts including salary or wages, commissions, superannuation benefits or allowances paid or payable to your relatives or a partnership in which your relative is a partner.
You need to keep the following records:
Excessive or unreasonable payments to your relatives or a partnership in which your relative is a partner may not be deductible. The PSI rules (see item P1) also limit deductions for payments to associates.
COMPLETING THIS ITEM
Tax Assistant will automatically enter the amount to H item P14 if "Payments to associated entities" field from the "Business worksheet" has been completed. If not then:
STEP 1 Add up payments made to relatives and related partnerships from each business.
STEP 2 Write this amount at H item P14 on the schedule.