Anna Whites have the following receipts and expenses for the year 2021/22. She is a tax resident of Australia.

Receipts	$
Salary - financial planner	80,000
Interest	5,000
Rental income	10,000
Entertainment Allowance	1,500

The following assets were sold. They are the only assets Anna has ever sold.

Sale of the family home (22 February 2022) The home was acquired on 18.7.91 for $110,000.	150,000
Sale of vacant land I (25 August 2021) This had been bought on 1.1.85 at a cost of $25,000 with the intention of building her main residence. For various reasons this never occurred and when a good offer was received she sold the land.	100,000
Sale of one rental property (1 July 2021) This property cost $80,000 in June 1985. Anna had bought the property with the intention of renovating it and selling it at a profit.	130,000
Sale of shares I (10 November 2021) These had been bought in February 2000 for $40,000. Brokerage on acquisition was $400 and brokerage on sale was $500.	51,000
Sale of land II (7 June 2022) The land had been acquired in January 1990 at a cost of $85,000. Stamp duty cost $1,488.	80,000
Sale of land II (7 June 2022) These shares had been acquired in November 2020 at a cost of $9,500	10,000
Sale of holiday house - settlement occurred on 1 July 2021 although the contract has been signed of 1 April 2021 The land on which the holiday home was built had been acquired on 23 April 2000 at a cost of $30,000. Stamp duty was $525. A house costing $130,000 was built in June 2000. Rates and taxes of $2,000 were paid in arrears when the house was sold.	160,000
Expenses	$
Bank fees on interest-earning account	30
Commission to collect rental income	150
Entertainment of clients	800
Rates and taxes on rental properties	2,200
Cost of travel to Financial Planners' Association's conventions	85
Registration costs of the above conventions	790
Repairs
New washing machine lid in rental property	120
Total repainting of new rental property purchased on 30 June 2022	1,800
Repainting of the same rental property after the house was vandalized by the first tenants	1,900
Annual Subscriptions
Financial Planners’ Association	140
Australian Engineers' Association	280
West Coast Eagles Football Club	130
Donations
Australian Liberal Party	200
Royal Perth Hospital	300
Educations
**Master of Business Administration expenses at a private university in Perth
University fees	3,800
Travel to university for classes from home	300
Travel from university to work	199
Travel from work to university	260
Travel from university to home (traveled to university after work)	350
** Basket weaving course on Saturday afternoons
Course cost	55
Travel expenses	122

Calculate Anna’s taxable income and net tax payable for 2021/22. Provide brief reasons for the exclusion of any items from the calculation.

Answer rating: 100% (QA)

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