There are 2 ways to add a business schedule in Xero. Firstly, if the client uses Xero, then we simply import to the Xero workpaper and complete everything there. Otherwise, we will use an excel workpaper, which is then uploaded to the Xero workpaper for review.
Collect information from your client.
Make sure to gather all relevant financial data for the year — including bank statements, sales invoices, expense receipts, loan documents, and any government grant info.
👉 You can find the business schedule checklist for your client here.
Ensure all income is declared.
This includes all forms of business income — sales, services, commissions, platform income (e.g. Uber, Airtasker), and government grants. Cross-check with bank records and any BAS lodged.
Check that expenses are deductible.
Make sure all deductions have a clear connection to the income earned. Apportion any mixed-use expenses (e.g. vehicle, phone, home office). Set-up costs should go into the reconciliation, not P8.
Complete the business schedule workpaper.
👉 Download the workpaper here — You may need to request access.
Upload the completed workpaper to Xero Workpapers, along with all supporting documents (receipts, bank summaries, logbooks if needed).
Enter the totals in the Business Schedule section of the tax return.
Use the correct labels for income and expenses. Refer to the notes tab on the workpaper if unsure.
Submit the file for review.
Tag a reviewer, include any relevant notes (e.g. private use %), and make sure all supporting docs are attached.