Instruction: Identify assessable income, deductions, tax rebates and offsets from the following information relates to B. Ryan,
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Instruction: Identify assessable income, deductions, tax rebates and offsets from the following information relates to B. Ryan, who is a sole trader:
Year ended 30 June | 2015 | 2016 | 2017 | 2018 |
Assessable income | 50,000 | 50,000 | 60,000 | 70,000 |
General business deductions | 48,000 | 55,000 | 55,000 | 60,000 |
Superannuation contributions and gifts | 3,000 | 3,000 | 3,000 | 3,000 |
General business deductions do NOT include previous years' tax losses, superannuation contributions or gifts.
Required: Calculate the taxable income and any tax loss(es) to be carried
Year Ended 30 June 2015 |
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