Answered: QUESTION 12.3 (Current year tax loss,… | bartleby

SWFT Individual Income Taxes

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 34P

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QUESTION 12.3 (Current year tax loss, deductions subject to
limitations)
Keira Lowe had the following transactions during the 2021/22 tax year:
Assessable Business Income
General business deductions
Personal superannuation contributions
Tax Agents Fee
Borrowing costs (deductible amount)
$225,000
220,000
20,000
6,000
8,000
12,000
7,000
Gifts to Designated Gift Recipients
Costs of seeking election to State Government
Calculate Keira's taxable income and any losses that may be carried
forward.

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