A taxpayer owns a residential investment property in Jindabyne from which she derives rental income.  She is also studying a PhD in Taxation.

The following receipts and expenses related to her investment property and PhD.

Received rent of $2,400 in July 2021  in respect of the month of June 2021.
Received rent of $32,200 from July 2021 to May 2022 in respect of the months of July 2021 to June 2022 inclusive.
Received rent of $2,400 in June 2022 in respect of the month of July 2022.

$10,000 allowable deductions have been paid in 2021-22 and included $500 expenses relating to June 2021 and $500 expenses relating to July 2022.

In addition, the taxpayer received a scholarship in 2021-22 of $22,000, although due to the Covid crisis, her payment in June of $2,000 was not received until July 2022  In addition, The taxpayer paid $2,000 to a professional editor to edit her thesis in May 2022, but was not reimbursed by the University until July 2022.
 

Assuming the above are the only income and deductions for the taxpayer, calculate her taxable income for 2021/22.

Answer rating: 100% (QA)

To calculate the taxpayers taxable income for the 202122 tax year we need to consider both the renta... View the full answer