Question
1. Derek Goldfinger, a resident taxpayer of Australia, commences business operations on 1 July Year 1. His table of his operations is as follows: Year
1. Derek Goldfinger, a resident taxpayer of Australia, commences business operations on 1 July Year 1. His table of his operations is as follows:
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
Exempt Pension | 2,500 | 2,500 | 2,500 | 2,500 | 500 |
Net Income |
|
| 1,200 | 1,000 | 2,200 |
Net Loss | 8,000 | 1,000 |
|
|
|
Gifts to charities not included in net income/loss | 300 | 350 | 400 | 400 | 420 |
State All the answers that are CORRECT.
There will be no deduction for gift for YR1 and YR2
The loss available for offset against YR 3 profit will be $4000
The loss available for offset against YR 3 profit will be $1500
There will be a deduction for gift for Years 4 and 5 only.
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