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Kenji bought a block of land on 1 March 1 9 9 7 for $ 2 3 , 0 0 0 and sold it on
Kenji bought a block of land on March for $ and sold it on February of the current
income year for $
On June CY he sold shares for $ which he had bought on October for
$
Kenji also sold a rental property for $ on June of the current income year. He had
purchased the property on July It had cost $ and he had paid stamp duty of $
two months later. Kenji had borrowed money to buy the property and had also paid stamp duty of
$ in respect of the loan.
Two months after buying the property Kenji had to repair three windows at a cost of $ The
windows had been damaged when he bought the property but Kenji had been unable to get a
workman to the house before that time. Two years later Kenji had repaired the roof at a cost of
$ after it had been damaged in a storm.
The property had been rented for the entire period of Kenji's ownership and he had paid interest at
$ per year and rates and taxes of $ a year for each year of ownership. The interest was
paid quarterly on the first day of each quarter and the rates and taxes were paid on September of
each year.
In each year Kenji's other income was $ dividend franked to and rent of $ The
dividends had franking credits of $ attached to them.
Calculate Kenji's net tax payable including Medicare levy for the current income year
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