Question
On 1 July 2018 Maxwell bought a rental property for $820,000. He borrowed $530,000 on the same day from the bank to buy the property.
On 1 July 2018 Maxwell bought a rental property for $820,000. He borrowed $530,000 on the same day from the bank to buy the property. The term of the loan was 4 years. The property was leased on 1 July 2018. He received rent in cash from his tenants during the year ended 30 June 2019 in the amount of $85,000.
Included in this amount was a payment of $11,000 on 28 June 2019 as rent for the month of July 2019.
Required:
What is Maxwell’s assessable income for the year ended 30 June 2019?
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the ended year Maxwells assessable Inco...
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Applying International Financial Reporting Standards
Authors: Keith Alfredson, Ken Leo, Ruth Picker, Paul Pacter, Jennie Radford Victoria Wise
3rd edition
730302121, 978-0730302124
