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  • N, Y, O and Z Deduction and non-deductible expense totals



    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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    N Total deductions

    Add 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 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.

    Last modified: 25 Mar 2021QC 51269