On 1 July 2019 Richard bought a rental property for $920,000. He borrowed $630,000 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 2019. He received rent in cash from his tenants during the year ended 30 June 2020 in the amount of $95,000. Included in this amount was a payment of $11,000 on 28 June 2020 as rent for the month of July 2020.

He also received $80,000 in wages working for a Real Estate company.

He has no deductions apart from interest on the loan of $24,000 for the year ended 30 June 2020.

Required:

Explain the relevant legal provisions and calculate Richards income tax for the year ended 30 June 2020.

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