Alina owns an investment property in a 50:50 share with her friend. The property is rented from 01/07/2017. Property purchase date: 01/01/2015 and rented from 01/05/2015.
Alina received $7,300, from insurance company for loss of rent
Alina received $5,000 in taxable grants from NSW Government for installing solar panels
Alina received $3,500 from insurance for property damaged due to fire.
In May 2019, a tenant damaged the internal carpet 4 Adina Crescent, Lithgow, NSW 2790, which was repaired at a cost of $2,700. Of this amount $700 was reimbursed by the tenant and Alliance insurance paid the balance.
In addition to the amounts in the property statements, Alina paid the following expenses for the rental properties.
Land tax $1,980
Council rate $4,300 /Water and Sewerage $1,050
Pest control $580 / Gardening and cleaning $400
Property repairs $1,930

Calculate the taxable income for 2019/20 year.

Answer rating: 100% (QA)

Taxable Income Calculation for 201920 Year Heres the calculation of ... View the full answer