Your client, Anna purchased an apartment in Brisbane on 1 July 2017. The purchase price was $595,000. Anna paid $95,000 from her savings and borrowed the remaining $400,000 from a bank. Anna listed the property for rent with the real estate agent who had arranged the sale to Anna. The apartment was rented for $450 per week for 50 weeks during the year ended 30 June 2018. The real estate agent charged commission of 10% for managing the property. Anna incurred the following expenses during the year ended 30 June 2018 in respect of the apartment:

a) Queensland Government stamp duty on the purchase of the apartment, $19,800.

b) Legal fees on the purchase of the apartment, $900.

c) Loan application fee paid on 1 July 2017 to the bank for the loan, $600. Interest on the loan totalled $18,000.

d) A quantity surveyor's report estimated that the construction costs for the apartment were $275,000.

e) Some of the tiles in the kitchen were chipped at the time Anna purchased the apartment. She paid a tiler $990 to replace the chipped tiles prior to tenants moving into the apartment on 14 July 2017.

f) A security camera was installed in the apartment at a cost of $295 on 1 August 2017.

g) The dishwasher malfunctioned, and water leaked into the kitchen cupboards. A segment of the cupboard was replaced due to water damage at a cost of $400 on 15 April 2018.

h) Anna replaced the dishwasher with a second-hand machine she had previously used in her house. Anna estimated the value of the dishwasher was $400 on 15 April 2018.

i) Landlord insurance for the apartment was paid on 1 July 2017 and totalled $1,200.

j) Brisbane City Council rates were paid each quarter, totalling $2,400.

k) Anna travelled 200 kilometres in her car during the income year to inspect her rental property.

You can assume that any depreciating assets have an effective life of 10 years and that Anna use the prime cost method of depreciation when relevant.

Provide advice to Anna on the income tax consequences of the above transactions for the year ended 30 June 2018. Calculate the net income or net loss on the property for the year ended 30 June 2018.