Q20.12.7

(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 each year, determine Stephanies Taxable Income and any losses that may be carried forward.

	2015/2016		2016/2017		2017/2018
Assessable Income		93,400		126,000		133,400
Less Business Deductions	80,000		129,000		119,200
Partnership Loss/(Profit)	21,800	101,800	(14,900)	114,100	5,600	124,800
(Loss)/Profit		(8,400)		11,900		8,600
Less Superannuation and Gifts			11,000	900	8,000	600
Exempt Income	1,500	1,500	3,000	-	2,000	-
Taxable Income/Loss		(6,900)		900		600
Less B/Forward		-	(6,900)	(3,900)	(3,000)	(1,000)
Less C/Forward		(6,900)		(3,000)		(400)

the answer for 2015/2016 is right answer can you check for the other two