nat2036/221D

[shail]

Can someone answer this quickly.
http://www.ato.gov.au/formflow/forms/nat2036.htm

I have almost finished the form and stuck at the last question

Section F Q7.
"Calculate by taking your total allowable deductions(item 6 section F) away from your total assessable income(item 11 section E). If the amount is a loss, write L in the code box"

What does it means?

I have only one IP to claim, So I have an amount in item 6 of section F.
I do not have any other investments(shares etc) to claim. So I have not done the section E of the form. and item 11 of section E is empty.

I dont know then if the amount is a loss?
I am thinking it code box will be blanks
maths:
amount in item 6 of section F - amount in item 11 of section E
($xxxx.xx - 0.00) = $xxxx.xx

Is it right?

 

[Rixter]

Its asking you to subtract all your tax deductions away from your total gross income. If the deductions are greater than your gross income then you will have a negative taxable income - or L for Loss.

Does this clarify it for you?

 

[shail]

Its asking you to subtract all your tax deductions away from your total gross income. If the deductions are greater than your gross income then you will have a negative taxable income - or L for Loss.

Does this clarify it for you?

Thanks Rixter. It does clarify.

 

[Rixter]

Thanks Rixter. It does clarify.

No probs, glad to help. We put a 'L' quite often

Gotta love carrying losses forward & collecting our Tax Credits