Colette is a Chartered Accountant with her own business. Due to the retirement of a number of her clients, the business was starting to make a loss for the first time in twenty years. To cover the loss, she decided to start disposing of her assets. Her portfolio is as follows: her clients, the business was starting to make a loss for the first time in twenty years. To cover the loss, she decided to start disposing of her assets. Her portfolio is as follows:

\fOn 1 July 2013 Colette built a house on the property at a cost of $2001 000 [land was valued at $400,000). The house has been rented out since completion and Colette pays bank: interest of $25,000 per annum. On 22 llrlaglr 201 El, Colette inspected the Tho mbury property and incurred the following expense: (a) Replastering and repainting a wall which had been damaged due to a leak costing $201000. Colette also has a carryr forward capital loss from the sale of shares from the 20102011 income year in the amount of $101000. In addition she had a $15,000 capital loss from the sale of a stamp collection in the 2014201 5 income year