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

Last updated 29 March 2021

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 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.