Q20.12.7

(Tax losses, partner inpartnership)

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.

2015/15 2015/17 2017/13 Assessable business income $ 93,400 $ 126,000 $ 133,400 General business deductions 80,000 129,000 119,200 Share of Partnership Net Income (21,800} 14,900 (5,600) (Loss) Superannuation and Gifts 4,000 11,000 3,000 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