Question

Q1 (Investor, capital gains)

Karl Kruger is a 38 year-old single Australian resident taxpayer. During the 2017/18 tax year, Karl received and retained the following records:

Account Summary received from XYZ Bank
Interest from Term Deposits	$ 17,200
Interest from Savings Account	350
Bank Charges relating to Term Deposits	40
Interest charged on line of credit (used for personal expenses)	715
4 February 2018 Dividend Statement from Eccy Ltd
Franked Dividend	2,100
Franking Credits	900
Rental Summary from Hawkeye Real Estate
Gross Rent Received	15,200
Rental expenses:
Agent’s Commission	920
Council Rates	1,490
Landlord Insurance	290

Other Information:

• Karl’s rental property was built in 1999 when total construction costs of $200,000 were incurred. Karl has owned and leased the property since 2009.
• Karl made mortgage repayments on his rental property of $20,000, of which $12,100 was principal.
• Karl also sold the following assets during the year:

ASSET	PURCHASE COST	ACQUISITION DATE	DISPOSAL DATE	SALE PRICE
Quality shares	$12,000	12 Apr 12	10 May  18	$18,600
Oil Painting (collectable)	6,000	03 Mar 98	26 Feb 18	5,200
Crummy shares	4,000	21 Aug 08	03 May 18	2,500

required :Prepare a statement calculating Karl’s tax payable/refundable.

(Tax losses, partner in partnership)

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

General business deductions are separate from personal superannuation, gifts, partnership losses and losses of previous years.

Please assume that the necessary tests have been satisfied such that any partnership losses from Stephanie's share in the marketing business may be deducted from other income as appropriate.

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

Answer 1

These are two different questions but I have solved both.
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