Dipali is an Australian resident individual. She purchased a block of flats in Melbourne, Victoria as an investment on 3 March 2005 for $950,000. She paid a stamp duty of $40,740 on the purchase and $3,000 in legal costs.

Dipali sold the block in December 2021 for $1,600,000, incurring $6,000 in legal costs and $108,000 for the agents commission.

Dipali incurred interest on the amount borrowed to purchase the property of $220,000 and council rates totalling $14,000.

Required:

1. Calculate the cost base for this asset. (4 marks)

1. Calculate the capital gain or loss for the disposal of this asset. (2 marks)

1. Calculate Dipali s assessable income for the 2021/2022 year, assuming she made a salary of $40,000, a net rental income of $50,000 and a capital loss of $6,130 from the sale of some shares same year (4 marks)

Answer this question in about 150 words and make a table for presenting calculations.