On 1 July 2018 Maxwell bought a rental property for $820,000. He borrowed $530,000 on the same day from the bank to buy the property. The term of the loan was 4 years. The property was leased on 1 July 2018. He received rent in cash from his tenants during the year ended 30 June 2019 in the amount of $85,000.

Included in this amount was a payment of $11,000 on 28 June 2019 as rent for the month of July 2019.

Required:

What is Maxwell’s assessable income for the year ended 30 June 2019?

Answer rating: 100% (QA)

the ended year Maxwells assessable Inco... View the full answer