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Net Capital of Business for Sole Proprietors?

Posted 21 November 2014 under Tax Questions


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I'm a Sole Proprietor.Under "Statement of Local Assets and Liabilities" there is a field "Net Capital of Business, Trade, Profession or Farming"I've already filled in all Profit and Loss under the section of "Local Business, Trade and Professional Income (incl. Rental Income)Do I just fill in the result (of Profit and Loss) again under "Net Capital of Business, Trade, Profession or Farming"?

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TaxTimTaxTim says:
21 November 2014 at 11:51

This is really the value of the business, so would be the cumulative profits or losses. If unsure, just enter in the profit.


Arnold says:
21 November 2014 at 12:10

Ok, I understand.

In my case it's the first year for me as a Sole Proprietor, so it would probably then be the same.

Thanks.


TaxTimTaxTim says:
21 November 2014 at 12:50

Yes, that would be the same. Just enter that amount in.


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