Reference no: EM133060081
AYB 219 Taxation Law - Queensland University of Technology
Question A
The following data relates to ABC, a resident individual taxpayer:
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2017/18
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2018/19
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2019/20
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Sales
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$34,000
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$44,000
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$195,000
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Net exempt income
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$5,000
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$2,000
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$8,000
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Deductions *
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$50,000
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$30,000
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$100,000
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Personal Superannuation contributions (that fit inside
the contribution cap)
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$1,000
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$10,000
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$8,000
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Gifts to registered charities
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$0
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$4,000
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$6,000
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*Note: Deductions represents all deductions except superannuation, gifts and losses of previous years.
In 2016/17, ABC had capital loss $8,000 from sale of rental property. ABC does not have any other capital gain.
Required
For each income year, determine taxable income for ABC and any losses carried forward.
Question B
Harry Weasley has operated a bubotuber distributorship since 2017/18.
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2017/18 |
2018/19 |
2019/20 |
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Gross income - bubotuber
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$17000
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$ 8000
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$21000
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Business deductions - bubotuber
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$27000
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$21000
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$13000
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Exempt income
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-
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-
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$ 3000
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Personal superannuation contributions
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$ 5000
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$11000
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$11000
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*Note: Deductions represents all deductions except superannuation and losses of previous years.
Required
For each tax year, determine Harry's taxable income and any losses that may be carried forward.
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