Tax losses, partner in partnership)

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

General business deductions are separate from personal superannuation, gifts, partnership losses and losses of previous years.

Please assume that the necessary tests have been satisfied such that any partnership losses from Stephanie's share in the marketing business may be deducted from other income as appropriate.

Required: For each year, determine Stephanie's Taxable Income and any losses that may be carried forward.

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2017/18 2015/16 2016/17 $ 93,400 $ 126,000 80,000 129,000 (21,800) 14,900 $ 133,400 119,200 (5,600) Assessable business income General business deductions Share of Partnership Net Income (Loss) Superannuation and Gifts Net exempt income 4,000 1,500 11,000 3,000 8,000 2,000 General business deductions are separate from personal superannuation, gifts, partnership losses and losses of previous years. 2017/18 2015/16 2016/17 $ 93,400 $ 126,000 80,000 129,000 (21,800) 14,900 $ 133,400 119,200 (5,600) Assessable business income General business deductions Share of Partnership Net Income (Loss) Superannuation and Gifts Net exempt income 4,000 1,500 11,000 3,000 8,000 2,000 General business deductions are separate from personal superannuation, gifts, partnership losses and losses of previous years