QUESTION 3

Calculate Bea's taxable income for the 2020/21 tax year.

Bea derives income jointly with her husband Peter from a townhouse that they have held as an investment since

Daniella also earns a salary from her employment as a data analyst.

Transactions relating to the 2020/21 tax year are listed below:

Receipts relating to townhouse

Rent received from tenants (net of $2,040 agent's				$ 37,860
commission)
Rental bond recovered as compensation for unpaid rent				950
Tenant's contribution to landscaping of property				1,000
Payments relating to townhouse
Rates				$ 2,094
Landscaping of property (1 April 2021)				5,000
Repairs
Repainting of walls				2,670
Replacement of cracked pathway				2,725
Loan repayments (interest charged $31,842)				39,573
Depreciating assets relating to townhouse
Assets on hand as at 30 June 2020 were as follows:
Asset	Cost	Date	Effective	Depn	Adj Value
		Purchased	Life	Method	@30/6/20
Solar Hot water	2,365	10/6/15	15 years	DV	1,395
Blinds	1,520	9/3/17	10 years	PC	930
Carpet	4,080	26/5/19	10 years	DV	2,580
Dishwasher	1,100	14/6/19	10 years	DV	870

'

Other amounts received by Bea

Gross salary from Merchant Limited 97,640

Interest from savings 47

Other Costs incurred by Bea

Tax agents Fees(invoiced jointly with Peter) 600

Raffle tickets bought from salvation Army 200