Joseph was born and grew up in Launceston but has lived in Singapore for seven years and works as a financial advisor for a large accounting firm which has offices worldwide. During the 2019/20 tax year he earns a salary equivalent to A$85,000 working in the Singapore office. From August to November 2019, the company sends Joseph to Melbourne to work in their branch. He earns a salary equivalent to A$34,000 during that time. All Joseph’s wages are paid by the parent company in Singapore and are deposited into his Singapore bank account. Joseph believes he is a very clever investor and hopes to be a millionaire before he is 40 years old. He has bought several rental properties in Australia as one of his strategies and owns three in Melbourne and two in Canberra. All together the rental properties bring in a net income of $31,210 in the 2019/20 tax year (most of them are running at a loss, that is, they are ‘negatively geared’). 

What parts of Joseph’s income are assessable in Australia for the 2019/20 tax year and why?

Answer rating: 100% (QA)

Soduteon Fornsin Australia by the money salany is 3400... View the full answer