James is an Australian resident taxpayer sold the following assets during the 2020/21 tax year.

ASSET	PURCHASE COST $	ACQUISITION DATE	DISPOSAL DATE	SALE PRICE $
Brown Ltd shares	12,000	31-May-85	01-Dec-20	44,500
Campbell Ltd shares	6,800	01-Apr-06	01-Nov-20	9,000
Lexus (Car)	80,000	12-Oct-04	10-Mar-21	74,000
Vacant land in Greece (see note 1)	30,000	01-Oct-01	25-Jun-21	45,000
Investment apartment in Cronulla	130,000	05-Dec-88	05-Jul-20	210,000
Painting	25,000	01-Nov-07	30 April-21	22,000
Racehorse	12,000	01-Dec-08	31-May-21	145,000

Note 1:

- Additional costs of owning the land in Greece are:

• Interest on loan to purchase the land $2,000
• Rates and taxes to Federal government $1,500

- James did not claim a tax deduction for these costs.

Other information:

James also had $40,000 of capital losses (from share sales) from the 2019/20 tax year to be brought forward.

Jamess only other income was $4,200 of fully franked dividends from EFAT Ltd.

Expenses that James incurred were:

• Subscription to Investor Magazine to maintain and increase his investing knowledge $210 (receipts held)
• Purchase of the Financial Review newspaper to monitor share prices 100 newspapers @$1.30 each (no receipts held)

Required Calculate Jamess Taxable income for the year ended 30 June 2021