UTS UNIVERSITY OF TECHNOLOGY SYDNEY amount quoted was quite high ($2000), so Keith decided instead to replace the carpet for $3000 with a carpet of a similar quality. The carpet was replaced in September 2019. Keith and Nicole also incurred expenses of $3,000 for insurance, $2,700 for council rates, $2,000 for agent's fees, and $35,000 interest on the BigBank loan, in relation to the property during the 2019/20 year of income. Keith and Nicole also used the Strathfield property themselves for four (4) weeks during the 2019/20 income year when they needed a place to stay, while their home in North Sydney was being fumigated, following an unfortunate visit from an overseas traveller who later proved to be a fatal case of the covid-19 virus. Assume that during the 2019/20 income year, Keith and Nicole had no income or deductions apart from those mentioned in the above facts. Required: Advise Keith and Nicole regarding the income tax implications arising from the above facts. In your answer include the calculation of Keith's and Nicole's taxable income or tax loss for the 2019/20 year of income. Make sure you refer to any relevant cases, legislative provisions, tax rulings and principles of tax law