State All the answers that are CORRECT. There will be no deduction for gift for YR1 and YR2 The loss available for offset against YR 3 profit will be $4000 The loss available for offset against YR 3 profit will be $1500 There will be a deduction for gift for Years YR4 and YR5 only. Derek Goldfinger, a resident taxpayer of Australia, commences business operations on 1 July Year 1. His Exempt Pension Net Income Net Loss Gifts to charities not included in net income/loss YR1 2,500 8,000 300 YR2 2,500 1,000 350 YR3 2,500 1,200 400 YR4 2,500 1,000 400 YR5 500 2,200 420