During the year ended 30 Jun 2021, Chana, a resident of Australia, has received rents of $56,000 and salary of $15000. Her allowable deductions for the year are $5000. Required: Calculate her taxable income

During the year ended 30 Jun 2021, Chana, a resident of Australia, has received rents of $56,000 and salary of $15000. Her allowable deductions for the year are $5000. Required: Calculate her taxable income

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

During the year ended 30 Jun 2021, Chana, a resident of Australia, has received rents of $56,000 and salary of $15000.

Her allowable deductions for the year are $5000.

Required:

Calculate her taxable income.

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