Question
Barissa owns an investment property. Briefly explain the extent to which, if at all, each of the following payments made by Barissa, an Australian resident
Barissa owns an investment property. Briefly explain the extent to which, if at all, each of the following payments made by Barissa, an Australian resident taxpayer during the 2021-2022 tax year, would be an allowable deduction: Paid $2,000.000 for the building; Replaced a cracked front brick fence retaining wall supporting sloping land on the property ($20,000); Painted the outside of the house with new state of the art everlast Dulux paint ($10,000); Incurred legal fees evicting tenants and repossessing the property ($5,000). Explain and assess the tax consequences of the above items, with appropriate references to the relevant law.
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