Elwood Blues and his wife request that you provide them with tax advice in the form of a single business letter addressing the following taxation issue that they have raised.
Elwood Blues is one of your new clients. Elwood has the following questions and he requires your analysis and advice as to the application of the law.
Jake while talking to a friend (Max) at a party is informed about a topic called “negative gearing”. Tax advantages were discussed so Jake is seeking your advice. He was also told about potential changes should there be a change in Government. In your own words, explain “negative gearing” to Jake and the potential changes that may occur. In your own words, students should discuss the potential tax benefits for someone earning $100 k per year.
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