Question 13.5

Trish Curry, a 37-years-old resident taxpayer, purchased an investment property on 1 July 2019 from which she derives rental income. During the 2019/20 tax year, Trish recorded the following transactions in relation to the property:

Receipts Rent Reoeived $18,400 Proceeds of Mortgage from Bank [15year loan] $50,000 Interest from real Estate Trust Account $200 Payments Purchase Price of Property {constructed in 1993 at a cost of $50,000] $212,000 Stamp Duty on Property $3,000 Legal costs Purchase $1,400 Stamp Duty and legal costs Mortgage $500 Agents' Eommission $920 Bank Fees 8; charges $140 Mortgage Repayments $12,500 Council Rates $840 lnsu ra noe $290 Painting of Bedrooms {on 1 August 2019 Prior to letting} $3,100 Replacement of carpets {1 April 2020, 5year effective life] $4,200 Water Rate $2.20 Other Infomlaon i As at 30 June 2019, there was $2,300 of rent outstanding from tenants. 0 The Mortgage repayments included $9,300 interest. i Trish also derived gross salary for the year of $52,000 from which $15,000 of PA'I'G Tax was withheld. i Trish has not iodged a Notice of Intent to claim Deduction form with her superannuation fund. I Other amounts paid by Trish dun'ng the year included: o Tax Agent's fee $350 :3 Donation to local church $200 o Personal Super Contributions $4,000 o Work related travel $210 c Trish was covered by adequate private health insurance