Brian Lara is an Australian resident and has investment properties in Australia, Canada & the USA. He does not have any other source of income. During the income year 2020-2021, the overseas rental incomes were remitted three times to Australian currency. Brian received AUD $400,000 from Canada and AUD $300,000 from the USA. These amounts are before tax (Canada and the USA tax). His total Australian rental income is $250,000. Assume Brian did not have any allowable deductions relevant to these rental incomes and paid AUD $200,000 towards his Canada income and AUD $90,000 for the USA income.  Required: Analyse the foreign incomes received by Brian for his Australian tax return. 

Show the detailed analysis and calculate the tax income tax payable amount for Brian. In your analysis, you must show if Brian is eligible for any foreign tax offsets. You are not required to calculate the Medicare levy and Medicare Levy surcharge for Brain.

Answer rating: 100% (QA)

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