INSTRUCTION: Calculations should be based on the Income year 2021-2022!

Tamara has a rental property that has been rented since 1 July 2016. She has received the following income and expenditure statement from her real estate agent. The property has been rented for the full year this year. In addition, Tamara has paid the following expenses herself. $ 1,452 Landlords protection Insurance $15,980 Interest on loan $4,900 New pergola (completed 4 October 2021) $ 252 Taxi fares to inspect the property The notes from Tamaras previous years tax return state that she has withdrawn amounts from her home loan in previous years for private purposes and the percentage of the loan that now relates to the property is 89%. Tamara has not redrawn any money in the 2022 tax year. Tamara has provided you with the following additional information:

She has a low value pool which had a closing pool balance in the previous year of $2,056. All of the items in the pool are rental property fixtures and fittings. The amount of $1,496 in plumbing maintenance includes the cost of a new hot water system installed on 4 September 2021 at a cost of $999. Complete a rental schedule for Tamara then answer the next five questions

	GST	Expense	Income
Rent			25,052.00
Tenant reimbursement-water			1,050.00
Council rates	222.00	2,442.00
Water		2,204.00
Cleaning	25.00	275.00
Garden maintenance	50.00	550.00
General maintenance	20.00	220.00
Plumbing maintenance	136.00	1,496.00
Management fee	296.00	3,256.00
Subtotals	749.00	10,443.00	26,102.00
Net position at end of period			15,659.00

QUESTION ONE What will Tamara include at Item 21P of the tax return?

a. 15,659

b. 26,102

c. 25,052

Hint: 1 Correct answer (s)

QUESTION TWO What will Tamara claim at Item D6 of the return (low value pool)?

a. 573

b. 187

c. 958

d. 1,146

e. 2,097

f. 771

Hint: 1 Correct answer (s)

QUESTION THREE What will Tamara claim at Item 21Q of the tax return?

a. 1,758

b. 15,980

c. 14,222

Hint: 1 Correct answer (s)

QUESTION 4 What will Tamara claim at Item 21F of the tax return?

a. 147

b. 122

c. 0

d. 91

Hint: 1 Correct answer (s)

QUESTION FIVE What will Tamara claim at Item 21U of the tax return?

a. 10,896

b. 13,653

c. 12,654

d. 15705

Hint: 1 Correct answer (s)