Answer all the subparts a,b,c,d.if answered asap,it would be helpful When their grandad died, Ross and Lila (brother and sister), each received a 50% ownership of their grandad’s Mosman property in NSW. Ross and Lila immediately started renting it out. During the 2019/20 income year, they received a total of $110,000 in rental income. Because Ross is unemployed, they agree that Ross will receive a ‘salary’ of $35,000 for managing the property, plus that he will receive 75% of the remaining net income. Lila who earned salary payments of $165,000 from her work as a professor, will only receive 25% of the remaining net income. Lila also had deductions of $5,000 for her academic work. QUESTION: (a)Calculate the s90 PNI (b)Prepare a Distribution Statement (c)Calculate each partner’s assessable income (d)Calculate each partner’s taxable income
Answer all the subparts a,b,c,d.if answered asap,it would be helpful
When their grandad died, Ross and Lila (brother and sister), each received a 50% ownership of their grandad’s Mosman property in NSW. Ross and Lila immediately started renting it out. During the 2019/20 income year, they received a total of $110,000 in rental income.
Because Ross is
Lila who earned salary payments of $165,000 from her work as a professor, will only receive 25% of the remaining net income. Lila also had deductions of $5,000 for her academic work.
QUESTION:
(a)Calculate the s90 PNI
(b)Prepare a Distribution Statement
(c)Calculate each partner’s assessable income
(d)Calculate each partner’s taxable income
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