Alina owns an investment property in a 50:50 share with her friend. The property is rented from
Question:
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.
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill