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On July 12, 2022, Lily's company transferred her to London based on a three-year contract signed in Australia. Her two children accompanied her abroad and
On July 12, 2022, Lily's company transferred her to London based on a three-year contract signed in Australia. Her two children accompanied her abroad and attended a local school. Lily's house in Australia is rented through a real estate agent, and their daily necessities are stored in a warehouse. She lives with her children in a rented apartment in the city as part of her employment plan. After 12 months living in the UK, she decided to sell her house in Australia and signed a sales contract on 18 July 2023 for $600,000. Closing took place on August 21, 2023, and on that day she decided to deposit $200,000 in an interest-bearing term deposit with Barclays Bank in London while she decided whether to purchase a new property. For the year ended June 30, 2023, Lily received gross salary from the company of $180,000 and net rental income of $21,000. She also received $3,200 in tax-free dividends from shares held in an Australian-listed company, and $760 in interest on her Australian savings account. She also owns shares in a South African mining company through which she received $4,300 in non-tax-exempt dividends. She incurred $5,700 of deductible expenditure from working in London and noted that the bank had deducted $674 of TFN withholding tax from the Australian interest. Consult relevant legal authorities to advise Lily of the tax consequences of these transactions for the year ending June 30, 2023. What is your taxable income for the year ending June 30, 2023
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