Reference no: EM133038509

Question - 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 Received	$18,400
Proceeds of Mortgage from Bank (15-year loan)	$60,000
Interest from real Estate Trust Account	$200
Payments
Purchase Price of Property (constructed in 1993 at a cost of $60,000)	$212,000
Stamp Duty on Property	$8,000
Legal costs - Purchase	$1,400
Stamp Duty and legal costs - Mortgage	$600
Agents' Commission	$970
Bank Fees & charges	$140
Mortgage Repayments	$17,500
Council Rates	$840
Insurance	$290
Painting of Bedrooms (on 1 August 2019 - Prior to letting)	$3,100
Replacement of carpets (1 April 2020, 5-year effective life)	$4,200
Water Rate	$720

Other information -

As at 30 June 2019, there was $2,300 of rent outstanding from tenants.

The Mortgage repayments included $9,300 interest.

Trish also derived gross salary for the year of $67,000 from which $16,000 of PAYG Tax was withheld.

Trish has not lodged a Notice of Intent to claim Deduction form with her superannuation fund.

Other amounts paid by Trish during the year included:

-Tax Agent's fee $350

-Donation to local church $200

-Personal Super Contributions $4,000

-Work related travel $210

Trish was covered by adequate private health insurance.

Required -

1. Calculate Trish's net rental income for the 2019/20 tax year.

2. Calculate Trish's taxable income for the 2019/20 tax year.

3. Calculate tax payable by Trish for the 2019/20 tax year.