Hi,

Kindly please help me to answer the attached question.

(Tax losses, partner in partnership) The following data relates to John, a resident taxpayer. John derives income from a public relations business and is also a partner in a marketing business. Assessable business income General business deductions Share of Partnership Net Income (Loss) 2014/15 2015/16 2016/17 $ 93,400 $ 126,000 $ 133,400 80,000 129,000 119,200 (21,800) 14,900 (5,600) Superannuation and Gifts 4,000 11,000 8,000 Net exempt income 1,500 3,000 2,000 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 John's share in the marketing business may be deducted from other income as appropriate. Required: For each year, determine John's Taxable Income and any losses that may be carried forward. 2014/15: 2015/16: 2016/17