Question: SOLUTION NEEDED Ms. Sim took out a bank loan on 1 January 2018 to buy a residential apartment unit for rental purposes. The apartment obtained

SOLUTION NEEDED

Ms. Sim took out a bank loan on 1 January 2018 to buy a residential apartment unit for rental purposes. The apartment obtained its temporary occupation permit on 1 April 2018 and was rented out on the same day. Sims income and expenses relating to the rental apartment in the year 2018 are as follows:

Sim always calculates her rental income using the most beneficial method.

a.	Gross rental income	36,000
b.	Less: Interest expense on bank loan	(6,000)
c.	Property maintenance charges	(7,000)

23,000

Compute Sims tax liability for the year of assessment 2019 with detailed workings? (6 Marks)

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