On 1 August 2017, John commences work as a Project manager being paid a salary...
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Accounting
On 1 August 2017, John commences work as a Project manager being paid a salary of $125,000 up to 30 June 2018. On the same day, he also completes a building which cost $5,000,000 to construct which he immediately rents out. He receives $40,000 rent from the building up to 30 June 2018.
Required:
Advise John as to what his taxable income or loss will be for the tax year ended 30 June 2018.
On 1 August 2017, John commences work as a Project manager being paid a salary of $125,000 up to 30 June 2018. On the same day, he also completes a building which cost $5,000,000 to construct which he immediately rents out. He receives $40,000 rent from the building up to 30 June 2018.
Required:
Advise John as to what his taxable income or loss will be for the tax year ended 30 June 2018.
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