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.

This is my answer for 2015/2016 :

Assessable business income	93400
Deduct :General business deductions	80,000
Income from Business	13,400
Share of Partnership Net Income (Loss)	-21,800
Gross Income G	-8,400
Less: Superannuation and Gifts S	0
Taxable Income A=G-S	-8,400
Deduct: Loss offset brought forward from prevoius year
Net Taxable Income	-8,400
working
Net exempt income B	1,500
Loss that can be carrid forward A+B	-6,900