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Tax Losses and Capital Losses Recouped The records of Gareth Young, an Australian resident, over three tax years disclosed: 2021/22 2022/23 2023/24 $ $ $
Tax Losses and Capital Losses Recouped | ||||
The records of Gareth Young, an Australian resident, over three tax years disclosed: | ||||
2021/22 | 2022/23 | 2023/24 | ||
$ | $ | $ | ||
Assessable business income | 54,000 | 72,000 | 67,000 | |
Business deductions | 75,000 | 68,000 | 60,000 | |
Personal superannuation contributions | 4,500 | 3,000 | 2,000 | |
Gifts | 500 | 2,200 | 2,500 | |
Exempt income | 11,000 | 2,000 | 1,000 | |
Capital gains (Losses) NOTE 1 | - 6,000 | 9,000 | ||
NOTE 1 Capital Gains and losses were as follows: | ||||
2021/22 | $ | |||
Capital loss from collectables | 2,000 | |||
Capital loss from other use assets | 4,000 | |||
2022/23 | $ | |||
Capital gain from other use assets | 9,000 | |||
(this gain can be discounted) | ||||
NOTE 2 Business deductions include all deductions except for superannuation, gifts, and losses of previous years. | ||||
For each tax year, determine Gareth's Taxable Income and anylosses that may be carried forward. |
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Step: 1
To determine Gareths Taxable Income and any losses that may be carried forward for each tax year we will follow these steps 1 Calculate Net Business I...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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