N Total deductions
Add all the deductions from A1 to M1.
Write the total at N.
Y Total non-deductible expenses
Add all the non-deductible expenses from A2 to L2.
Write the total at Y.
O Taxable income or loss
Take N Total deductions away from V Total assessable income in section B. If V is a loss, add N and V.
Write the result at O. If the result is:
- zero, you must write 0
- a loss
- print L in the box at the right of the total
- include that total at U Tax losses carried forward to later income years in section E.
O is mandatory. If you leave O blank, you will have specified a zero amount.
Z Total SMSF expenses
Add N Total deductions and Y Total non-deductible expenses.
Write the total at Z.
Continue to: Section D: Income tax calculation statement (item 13)