Q20.12.7 (Tax losses, partner in partnership) The following data relates to Stephanie Garner, a resident taxpayer. Stephanie derives income from 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) Superannuateon and Gifts 4,000 11,000 8,000 Net exempt income 1,500 3,000 2,000 General business deductions are separate from personal superannuateon, 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 Stephanie's 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 80.000 129,000 119,200 Deductions Partnership Loss/(Profit) 21,800 101,800 (14,900) 114,100 5,600 124.800 (Loss)/Profit (8,400) 11,900 3.600 Less Superannuateon 11,000 900 8,000 600 and Gifts Exempt Income 1.500 1.500 3.000 2,000 Taxable Income/Loss (6,900) 900 Less B/Forward 6,900) (3,900) (3,000) (1,000) Less C/Forward 6,900) (3,000) (400)