Sam and Sung are equal joint owners in a property which they rent out. Because Sam is unemployed, he spends more time at the property to help do maintenance and gardening. Because Sung earns $200,000 per year from his job as an accountant, they come to a private agreement to divide the annual rent of received from their tenants, as follows: Sam will receive a salary payment of $20,000, after which the remainder will be split 60% in favour of Sam and 40% in favour of Sung During the 2020 tax year, they incurred the following expenses on the property which they hope to claim as deductions: Council rates: $3,000 Land Tax: $12,000 Bank interest on the loan taken out to finance the purchase of the property: $80,000 Required: If the total rent received for the 2020 tax year was $177979 calculate Sam's Assessable Income (assuming he has no other income sources).
Sam and Sung are equal joint owners in a property which they rent out.
Because Sam is
Because Sung earns $200,000 per year from his job as an accountant, they come to a private agreement to divide the annual rent of received from their tenants, as follows:
Sam will receive a salary payment of $20,000, after which the remainder will be split 60% in favour of Sam and 40% in favour of Sung
During the 2020 tax year, they incurred the following expenses on the property which they hope to claim as deductions:
Council rates: $3,000
Land Tax: $12,000
Bank interest on the loan taken out to finance the purchase of the property: $80,000
Required: If the total rent received for the 2020 tax year was $177979 calculate Sam's Assessable Income (assuming he has no other income sources).
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