Felix, a resident of Australia, hasbeen paid a salary of $120,000 as a Vice Chancellor of Sandstone University in Sydney. In addition, the University generously paid a superannuation contribution of $20,000 to a properly registered superannuation fund called UniteSuper on his behalf.

Sandstone University also deducted PAYG from his pay amounting to $40,000 which they remitted on his account to the ATO.

Felix had allowable deductions in relation to his employment income of $15,000.

All payments and transaction were made during the financial year ending 30^th June 2020

Earlier in his life, on 1^st January 2000, Felix had bought a rental apartment in Sydney for $350,000 and had given a mortgage over the property to his bank in return for $300,000 which was all used in the purchase. Since that date, he received rent every year.

In the current financial year ending 30^th June 2020, he collected $20,000 in rent but paid rates and taxes totalling $10,000, and interest on the mortgage of $5,000.

On the 30^thJune 2020, Felix sold the apartment for $600,000. His incidental costs in buying and selling the apartment amount to $40,000.

a) What is Felixs ordinary income for the year ended 30 June 2020?

You must give reasons for your answer. Your discussion must include an analysis of the pertinent sections of the relevant legislation, rulings, and the relevant case law.

Where relevant, you must show your calculations.

You must apply the law to the facts and provide YOUR OWN analysis of the issues and write a comprehensive answer to the question.

b) What is Felixs statutory income (that is the net Capital Gain) for the year ended 30 June 2020?

You must give reasons for your answer. Your discussion must include an analysis of the pertinent sections of the relevant legislation, rulings, and the relevant case law.

Where relevant, you must show your calculations.

You must apply the law to the facts and provide YOUR OWN analysis of the issues and write a comprehensive answer to the question

C) What is Felixs statutory income (that is the net Capital Gain) for the year ended 30 June 2020?

You must give reasons for your answer. Your discussion must include an analysis of the pertinent sections of the relevant legislation, rulings, and the relevant case law.

Where relevant, you must show your calculations.

You must apply the law to the facts and provide YOUR OWN analysis of the issues and write a comprehensive answer to the question