Does a partnership report income from trust accounts and shares at item G1 on the BAS?
No. Item G1 is where you include all the payments and other consideration (including GST) you have received during the current tax period for supplies you have made in the course of your business. If you carry on a business, payments you receive for supplies you make will include all your business receipts. This means you include amounts received from your business activities, such as amounts received for sales, fees and charges for services, commissions, fares, royalties and so on. However, at item G1 you do not include: • salary and wages and other income • pensions, annuities and so on • amounts received from a hobby • trust and partnership distributions • dividends • capital subscriptions, for example, amounts received by a company for shares issued, or • loans received. Therefore, any income your partnership receives in the course of its business from dividends from a trust or from shares, is not included at G1. The partnership’s share of any trust income should, however, be inclu
