Indira is an Australian tax resident individual who works full time for a pet product manufacturer. Indira
Question:
Indira is an Australian tax resident individual who works full time for a pet product manufacturer. Indira recently purchased a plot of vacant land on which she intends to build a residential rental property.
During the income year ended 30 June 2022, Indira incurred the following expenses:
i) $1,000 paid to Indira's tax agent to prepare and lodge Indira's personal income tax return for the prior income year.
ii) $3,000 in interest payments for a loan taken out to purchase the land.
iii) $200 on buying drinks for Indira's manager on Friday night. Indira is applying for a promotion, and she believes that having a stronger relationship with her manager will increase her likelihood of getting the promotion and a salary increase.
The total deduction available to Indira, in respect of the income year ended 30 June 2022? Ignore GST.
A: $0
B: $1,000
C: $1,200
D: $4,000
Expert Answer:
The total deduction available to Indira in respect of the income year ended 30 June 2022 can be calc... View the full answer
