On 1 July 2019 Graeme bought a rental property for $820,000. He borrowed $650,000 on the same day from the bank to buy the property. The term of the loan was 20 years. The property was leased on 1 July 2019. He received rent in cash from his tenants during the year ended 30 June 2020 in the amount of $32,000. Included in this amount was a payment of $2,000 on 28 June 2020 as rent for the month of July 2020. He had repayments on the loan of $35,000 for the year ended 30 June 2020 which is $15,000 interest and $20,000 repayment of capital. He also received $80,000 in wages working for a Real Estate company, and the Company deducted $24,000 PAYG which was paid to the ATO on his account. There are no other relevant transactions. Required: Explain the relevant legal provisions and show your calculations to determine Graeme's income tax for the year ended 30 June 2020. On 1 July 2019 Graeme bought a rental property for $820,000. He borrowed $650,000 on the same day from the bank to buy the property. The term of the loan was 20 years. The property was leased on 1 July 2019. He received rent in cash from his tenants during the year ended 30 June 2020 in the amount of $32,000. Included in this amount was a payment of $2,000 on 28 June 2020 as rent for the month of July 2020. He had repayments on the loan of $35,000 for the year ended 30 June 2020 which is $15,000 interest and $20,000 repayment of capital. He also received $80,000 in wages working for a Real Estate company, and the Company deducted $24,000 PAYG which was paid to the ATO on his account. There are no other relevant transactions. Required: Explain the relevant legal provisions and show your calculations to determine Graeme's income tax for the year ended 30 June 2020