Bruce Lee is a Lawyer with his own legal practice and registered for GST His receipts and payments (not including GST) for the year ended 30 June 2018 are as follows: Receipts $ 340,000 Professional legal fees 25,000 Payment by the owner of the building for a new 10 year lease 8,000 Income from part-time military service (note 1) 7,000 Dividends received from an Australian resident company fully franked 34.000 Salary received from part-time lecturing at the University ($6,000 in PAYG W) 5,000 Interest on Bank Deposits. 10,000 Rental income from an investment property 2,000 Profit on sale of office equipment (note 2) Payments $ 14,000 10,000 50,000 290 1,400 1,200 2,200 900 1,000 2,000 15,000 5,000 Office rent Payment to the cleaning contractor Salary paid to employee secretary Purchase of new calculator Cost of meals and entertainment for himself and clients Train fares for travel to and from work Rates on family home Electricity for family home Tax agent's fees for preparing tax returns for 2016/2017 Rates paid on abovementioned investment property Interest paid on loan to acquire the investment property Cost of painting the investment property immediately after purchasing the property Cost of replacing roof tiles on the investment property after the roof was damaged in a severe storm in February 2018 Cost of extending the bathroom in the investment property 1,000 15,000 Notes (1) The part-time military income is exempt. (2) Profit on sale of office equipment. The office equipment was purchased on 1 July 2014 for $10,000. Bruce estimated its effective life for taxation purposes at the time of purchase at 10 years. He uses the prime cost method. Sale proceeds - sale date 30 June 2018 $5,000 Net book value based on accounting depreciation 3.000 Profit 2.000 Scanned with CamScanner 2 (3) Bruce has a carry forward past year tax loss of $12,000. (4) Bruce does not have private hospital insurance. REQUIRED Bruce would like to minimise his tax liability for the year. Calculate Bruce's tax liability for the year ended 30 June 2018