The following data relates to Harry Mahoney, a resident taxpayer. Harry derives income from a cyber-security...
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The following data relates to Harry Mahoney, a resident taxpayer. Harry derives income from a cyber-security business and is also a partner in a music production business. Assessable income Net exempt income General business deductions Superannuation and Gifts Net capital loss - other use assets 18/19 133,900 3,000 144,000 8,000 0 19/20 129,100 2,000 135,000 12,000 (8,000) 20/21 137,600 3,000 119,200 8,000 (10,000) Note: General business deductions are separate from personal superannuation, gifts, partnership losses and losses of previous years. Required: For each tax year, determine Harry's Taxable Income and any losses that may be carried forward. The following data relates to Harry Mahoney, a resident taxpayer. Harry derives income from a cyber-security business and is also a partner in a music production business. Assessable income Net exempt income General business deductions Superannuation and Gifts Net capital loss - other use assets 18/19 133,900 3,000 144,000 8,000 0 19/20 129,100 2,000 135,000 12,000 (8,000) 20/21 137,600 3,000 119,200 8,000 (10,000) Note: General business deductions are separate from personal superannuation, gifts, partnership losses 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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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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