Q6.5.1 (Average Income) Ernie Wombat is a primary producer who commenced business in 2012/13. The following data relates to Ernie's first 6 years of trading: Year Assessable Income Deductions 2012/13 $ 32,000 $ 15,000 2013/14 35,000 20,000 2014/15 31,000 39,000 2015/16 42,000 21,000 2016/17 45,000 22,000 2017/18 51,000 25,000 All assessable income and deductions are from primary production. The deductions do not include any amounts that may be deductible for losses of previous years. Required: a. Calculate Ernie's taxable income for each tax year. b. Calculate Ernie's average income for each tax year. Tip: A $0 taxable income year is counted as a year for average income calculation purposes. Year Taxable Income Average Income Notes (if any) 2012/13 $17,000 N/A Averaging provisions not applicable 2013/14 Provisions not applicable as $15,000 N/A taxable income of Year 1 > Year 2 2014/15 -$8,000 $7,500 $15,000 + $0 / 2 2015/16 $21,000 $9,333 $15,000 + $0 + $13,000 /3 2016/17 $23,000 $12,750 $15,000 + $0 + $13,000 + $23,000 / 4 2017/18 $26,000 $15,400 $15,000 + $0 + $13,000 + $23,000 + $26,000 / 5 Please review my response to this question? My assessor has advised that I need to review 2015 taxable income and average income from 2014/2015 onwards