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Ernie Wombat is a primary producer who commenced business in 2012/13. The following data relates to Ernie's first 6 years of trading:
Year
Assessableincome
Deductions
2012/13
$ 32,000
$ 15,000
2013/14
35,000
20,000
2014/15
31,000
39,000
2015/16
42,000
21,000
2016/17
45,000
22,000
2017/18
51,000
25,000
Required:
Question a. Calculate Ernie's taxable income for each tax year.
Question b. Calculate Ernie's average income for each tax year.
Taxable Income
Average Income
Notes (if any)
$17 000 ,
N/A
Averaging provisions not applicable
$15,000
Provisions not applicable as taxable income of Year 1 >Year 2
-$8,000
$7,500
$15,000 + $01 2
$21000 ,
$9, 333
$15,000 + $0 + $13,000 /3
$23,000
$12,750
$15,000 + $0 + $13,000 + $23,000 /4
$26,000
$15,400
$15,000 + $0 + $13,000 +
$23,000 + $26,000 / 5
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