Question
For the tax year ended 30 June 2020 Kane Rodgers, a self-employed masseur, rented a property and generated gross rental income of $25,000. Kane also
For the tax year ended 30 June 2020 Kane Rodgers, a self-employed masseur, rented a property and generated gross rental income of $25,000. Kane also incurred the following expenses in relation to the property:
|
| $ |
1.8.2019 | Repairs to leaking roof | 1,400 |
10.9.2019 | Painting the outside of the property | 2,800 |
1.3.2020 | Replacement of vinyl flooring in kitchen (20 year effective life) | 4,500 |
10.4.2020 | Repairs paid for by the tenants | 4,100 |
15.6.2020 | Gardening: removal of dead tree | 500 |
Required: Advise Kane Rodgers of his net rental income for the year ended 30 June 2020.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started