The following data relates to Stephanie Garner, a resident taxpayer. Stephanie derives income from a public...

The following data relates to Stephanie Garner, a resident taxpayer. Stephanie derives income from a public relations business and is also a partner in a marketing business.

	*2015/16*	*2016/17*	*2017/18*
Assessable business income	$ 93,400	$ 126,000	$ 133,400
General business deductions	80,000	129,000	119,200
Share of Partnership Net Income (Loss)	(21,800)	14,900	(5,600)
Superannuation and Gifts	4,000	11,000	8,000
Net exempt income	1,500	3,000	2,000

Required: determine Stephanie’s Taxable Income and any losses that may be carried forward 2016/2017 and 2017/2018 .

Expert Solution

			in $
	2015/16	2016/17	2017/18
Assessable business income	93400	126000	133400
Deduct :General business deductions	80,000	1,29,000	1,19,200
Income from Business	13,400	-3,000	14,200
Share of Partnership Net Income (Loss)	-21,800	14,900	-5,600
Gross Income G	-8,400	11,900	8,600
Less: Superannuation and Gifts S	0	11,000	0
Taxable Income A=G-S	-8,400	900	8,600
Deduct: Loss offset brought forward from prevoius year		900	6000
Net Taxable Income	-8,400	0	2,600

working
Net exempt income B	1,500	3,000	2,000
Loss that can be carrid forward A+B	-6,900	-600
	(8400-1500)	(1500-900)

Note superannuation and gift deduction will be allowed only for the expenses that are incurred to gain income
2)
There is no tax pm exempt income but we have to include this income for calcualtiong tax on losses of previous
income years.

If any doubt please comment

ekkarill92 answered 2 years ago

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