Task 4: Assessable income, deductions, tax rebates and off 4 Marks

Instruction: Identify assessable income, deductions, tax rebates and offsets from the following information relates to B. Ryan, who is a sole trader:

Year ended 30 June	2015	2016	2017	2018
Assessable income	50,000	50,000	60,000	70,000
General business deductions	48,000	55,000	55,000	60,000
Superannuation contributions and gifts	3,000	3,000	3,000	3,000

General business deductions do NOT include previous years' tax losses, superannuation contributions or gifts.

Required: Calculate the taxable income and any tax loss(es) to be carried

Year Ended 30 June 2015