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Samantha bought a rental property on 1 July 2018 (Year 1) at the cost of $150,000. She paid stamp duty on purchase of $3400. Soon
Samantha bought a rental property on 1 July 2018 (Year 1) at the cost of $150,000. She paid stamp duty on purchase of $3400. Soon after the property was purchased, repairs costing $1900 were carried out within the first month of ownership and the property was then rented out. In addition, an initial repair of $800 was incurred one month after the property was rented out as the floor collapsed. In July 2020, there were more floorboard collapses and as a result the entire property was renovated at the cost of $5900. The property was purchased with a loan of $120,000 which was interest only. It was taken out for a period of 10 years. Stamp duty on loan cost $480, valuation fees cost $400 and the loan application fees totalled $600. The property was sold on 30 June 2021 (Year 3 - Current Year) for $275,000 and the loan was paid out on the sale of the property. Required: Complete ALL the Blanks in the last two columns in the table below to calculate the cost base on the sale of the property. In the column STATE THE ELEMENT NUMBER, just state the number for the Element, sg 2. In the column IS THIS ELEMENT INCLUDED IN THE COST BASE, state: Yes OR No to indicate whether it will be included in the cost base. State the Element Is this elements Number deductable Yes/No Purchase Price 150,000.00 Stamp duty on purchase 3,400.00 Repairs existance at acquisition 1,900.00 Rental Repairs defects 800.00 Entire property renovation 5,900.00 Stamp duty on loan 450.00 Loan valuatio fees 400.00 Loan application fees 600.00
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