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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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