2 Holly Gordon has retired and derives her income from a series of investments and a part time job at the local cafe. Her income and expenses for the year include: Income Superannuation pension Wages from Caf (tax withheld $2.367) Tips received from the Caf from customers (but she did not wish to declare them as income) Laundry Allowance from Caf Reimbursement for use of her own motor vehicle for work purposes $ 15,000 22,000 1,500 450 750 Compensation payment 60,000 Holly had been injured work. She finally received settlement for her claim. $60,000 represented $12,000 in lost wages from the 2020/2021 year. represented medical expenses and the remainder was for pain and suffering and damage to her left wrist The $5,000 Bank interest Dividend fully franked 2,000 10,000 This dividend carried franking credits of $4,288 Partial 75% franked dividend 5,000 This dividend carried franking credits of $1,607 10,000 Rent 7,500 Bequest from friends estate Styles Mortgage repayments 7,000 Thirty per cent of the interest expense relates to her share investments and 70% to the rental property. Interest of $500 was payable on the 1 of each month and Holly always paid on time until 1 June 2021. On the 1 June 2021 Holly pre-paid the interest on her loan for a period of 15 months. She felt this was the most effective way of inventing the $7,500 legacy she had just received as a result of a bequest from the will of her friend Brett Taylor. The amount of interest pre-paid equalled the amount of the legacy. 7,500 Replaced the entire fence surrounding the rental property. It had been in poor condition when the property was acquired last year. 3,000 Repainted the front wall of the house that had been spray painted by vandals the previous month. 500 Drycleaning and laundry of uniform for Caf Motor Vehicle deductions 250 350 Donation to World Vision Charity 1000 Purchase of calendar from Red Cross Charity 25 Tax Agents Fee to prepare 2020 tax return 450 Additional Information The 10-year loan was taken out on 20 May 2020 when Holly incurred the following costs relating to the loan: Valuation fees 800 These were higher than normal as the bank had to use Holly's own residence as well as the rental property for security: application fees stamp duty to register the mortgage 600 700 Holly also received $1,500 rent that had been outstanding since the previous year (this is in addition to the $10000 she received above) Holly also sold some assets during the year 2) Sale of vacant land on 28 May 2021 100.000 The land had been bought on 25 October 2015 at a cent of 305,000. Stamp duty of $2.358 was paid at purchase. Rates and taxes of $15000 were paid during ownership She paid $10,000 to the ngent for the sale of the land and $1200 in settlement fees, these were both paid on 28 May 2021 (B) Sale of shares in public company on 23 September 2020 55,000 The shares had been bought on 3 March 2020 for $48,000 Brokerage on purchase and sale was 1% payable at the time of the transaction. C) Sale of holiday house on 12 August 2020 300,000 The house had been purchased on 22 November 2012 for $290,000. She had paid interest during her period of ownership which totalled.$40,000. Stamp Duty of $6,320 had been paid at purchase. At purchase she arranged to have a new kitchen fitted at a cost of $23,000. This was paid on 15 January 2014. During the period of ownership she had a dispute with her neighbour, over the boundary of the property and on 1 March 2013 she paid her lawyer $2,500 for resolving the dispute. Holly had a capital loss from the previous year of $26,900 Required Calculate Holly's taxable income and net tax payable including Medicare Levy Styles