Mark is a self-employed motor mechanic who derived assessable business income of $235,000 in the current year
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Mark is a self-employed motor mechanic who derived assessable business income of $235,000 in the current year ended 30 June. Mark incurred expenses of $220,000 in deriving this income and also contributed $12,000 to a complying superannuation fund in his own name. In addition to this, he made a donation to the Cancer Council for $1,000. Mark is also a member of the part-time Army Reserve and earned $5,000 during the income year. Given that Mark had income losses brought forward from the previous year of $12,000, the amount of his taxable income/loss for the current year is: $5,000 loss $8,000 income $2,000 income $7,000 loss Nil
Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: 978-1259917059
18th edition
Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely
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