Form No. So4 - Self Employed Persons Annual Return Of Income, Taxes And Contributions Payable For Year Ended 31, December Page 2
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4 Section C ‐ DEDUCTIONS & STATUTORY INCOME
39
(Business & Rental Assets ‐ Attach Schedule 2)
Total Capital Allowances
. . . . . . .
40
Covenanted Donations (Attach Schedule 4 and proof of covenant ‐ See Notes)
. . . .
41
Total Income less Capital Allowances & Covenanted Donations
(Subtract Line 39 and Line 40 from Line 38)
42
(Only if Line 30a is nil)
Contributions to Approved Retirement Scheme
. . . . . . . .
43
Franked Income (If included in Section B, Line 34) . . . . . . . . . . . . . . . . . . . . . .
Pension Exemption
Age Exemption
Other Exemptions
+
+
45
=
47
46
44
48
(< Attach Schedule 4)
Other Donations
(Restrict to (Line 41 minus Lines 42, 43 and Line 47 )*(5/105))
49
(Add Line 39, 40, 42, 43, 47 & 48 )
Total Deductions & Exemptions
. . . . . . . . . . .
50
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allowable Loss (Transfer from Section D, Line 55 )
Statutory Income
51
(Subtract Lines 42, 43, 47, 48 and Line 50 from Line 41)
. . . . . . . . . . . . . . . . . . . . . . . . .
Section D ‐ AVAILABLE LOSSES
52
Losses carried forward from previous years
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
53
(Equals Line 41 if Line 41 is negative)
Current losses
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
54
(Add Lines 52 and 53)
Total losses available
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(See Note 1 for
55
No
Allowable Loss;
Is business within 5th year of start‐up or Gross Sale less than $3,000,000?
Yes
determination)
56
Total losses available to carry forward (Subtract Line 55 from Line 54)
. . . . . . . . . . . . . . . . . . . . . . . . . . .
Note 1
If "Yes", Allowable Loss is restricted to the profits reflected at Line 41 less Lines 42, 43, 47 and 48.
If "No", Allowable Loss is the lesser of (a) Line54 OR (v) 50% of Line 41 minus Lines 42, 43, 47 and 48 (if Line 41 is positive)
Section E ‐ COMPUTATION OF TAXES & CONTRIBUTIONS PAYABLE
COMPUTATION OF INCOME TAX PAYABLE
57
. . . . .
(Complete Schedule 4 and attach certificates)
Dividends received from Companies Resident in Jamaica
58
Statutory Income less Dividends at Line 57.
(Subtract Lines 57 from Line 51)
. . . . . . . . . . . . . . . . . . . . .
Income at Nil Rate
NIS on Income fom Self
+
=
59a
59b
59
►
►
. . . . . .
(Threshold)
. . . . . .
Employment
60
(Subtract Line 59 from Line 58 ‐ Restrict to zero)
Statutory Income less Dividends at line 57 less Threshold & NIS
61
(Line 60 x Rate_______%) . . . . . . . . . . . . .
Tax on Statutory Income less dividends at Line 57 and Threshold
Tax on Dividends Received from Companies Resident in Jamaica
62
(Applicable to specified persons only See Note 2)
Note 2 ‐
If person is specified in Section 12(1)(h), (z) or (ab) of The Income Tax Act, enter tax on dividends from resident companies at Line 62 and the
amount withheld at Line 72. If person is not specified, enter at Lines 77 and 78 respectively.
63
Tax Payable on Statutory Income (Add Line 61 and Line 62 for persons specified in Note 2, others Line 61 = Line 63)
Non‐Refundable Tax Credits_(Excluding Minimum Business Tax)
(Attach Certificates and/or Supporting Documents where applicable)
64
Double Taxation Relief (Restricted to tax associated with income at Line 35)
65
(Attach Certificates)
Contractors Levy
. . . . . . . . . . . . . . . . . . . . . . .
66
Employment Tax Credit (ETC)
(Attach Schedule 7)
. . . . . . . . . . . . . . . .
67
(Attach Supporting Documents)
Other Non‐Refundable Tax Credits
. . . . . .
68
(Add Lines 64, 65, 66 and 67)
. . . . . . . . . . . . . . . . . . . . . . . .
Total Non‐Refundable Credits
69
(Subtract Line 68 from Line 63; Restrict to zero if negative)
Tax on Statutory Income less Non‐Refundable Tax Credits
Refundable Tax Credits
(Exclude any previous refund claim ‐ Attach Certificates and/or Supporting Documents)
70
P.A.Y.E. Tax Deducted by Employer(s)
(Attach P24's)
. . . . . . . . . . . . . .
71
Tax deducted from Distributions (excluding dividends) & Interest Received
72
. . . . . . . . . . . . . . . . .
Other Refundable Tax Credits
(See Note 2 above)
73
Total Refundable Tax Credits
(Add Lines 70, 71 and 72)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . 74
(Subtract Line 73 from Line 69)
Tax on Statutory Income net of Tax Credits (except Minimum Business Tax)
75
Minimum Business Tax Paid (For current Year of Assessment)
. . . . . . . . . . . . . . . . . . . . . . . . .
76
(Line 74 if 74 is negative, else subtract Line 75 from 74 & restrict to zero)
Tax on Statutory Income net of all tax credits
Tax Payable
Tax Deducted/Withheld
Tax due on Dividends Received from
_
77
►
78
=
79
Companies Resident in Jamaica:
. . . . . . . . .
NET TAX PAYABLE/(REFUNDABLE)
(Add Line 76 and Line 79 ‐ Transfer to Section F, Line 96(a))
80
. . . . . . . . . . . .
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