. Andrew’s taxable income for the income year is: Group of answer choices $39,000 $61,000 $81,000 $91,000 $100,000 $120,000
. Andrew’s taxable income for the income year is: Group of answer choices $39,000 $61,000 $81,000 $91,000 $100,000 $120,000
Chapter3: Income Sources
Section: Chapter Questions
Problem 34P: How much taxable income should each of the following taxpayers report? a. Kimo builds custom...
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Question
Andrew is an Australian resident adult individual taxpayer entity. During the income year, he derived and received: Wages totalling $100,000. Rent totalling $20,000. During the income year, Andrew incurred and paid the following outgoings: Interest totalling $30,000 on the loan used to buy his residential rental property. Council rates, emergency services levy, land tax & water charges totalling $5,000. Insurance of $2,000 for insurance cover for the rental property. Property management fees of $2,000. Andrew’s taxable income for the income year is:
Group of answer choices
$39,000 $61,000 $81,000 $91,000 $100,000 $120,000
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