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Question:

Bruce Lee is a Lawyer with his own legal practice and registered for GST His receipts and payments (not including GST) for the year ended 30 June 2018 are as follows:
Receipts

340,000    Professional legal fees 
25,000        Payment by the owner of the building for a new 10-year lease
8,000        Income from part-time military service (note 1)        
7,000        Dividends received from an Australian resident company fully franked 
34,000        Salary received from part-time lecturing at the University 
($6,000 in PAYG W) 
5,000        Interest on Bank Deposits 
10,000        Rental income from an investment property  
2,000        Profit on sale of office equipment (note 3)    
Payments
14,000    Office rent 
40,000    Payment to the cleaning contractor
50,000    Salary paid to employee secretary   
290         Purchase of new calculator
1,400    Cost of meals and entertainment for himself and clients
1,200        Train fares for travel to and from work 
2,200        Rates on family home 
900                   Electricity for family home 
1,000                   Tax agent’s fees for preparing tax returns for 2016/2017
2,000        Rates paid on abovementioned investment property  
15,000        Interest paid on loan to acquire the investment property  
5,000    Cost of painting the investment property immediately after purchasing the property   
1,000    Cost of replacing roof tiles on the investment property after the roof was damaged in a severe storm in February 2018  
15,000        Cost of extending the bathroom in the investment property  
Notes
The part-time military income is exempt.  
(1)Bruce has a carry forward past year tax loss of $12,000.
(2)Bruce does not have private hospital insurance.  
REQUIRED
Bruce would like to minimize his tax liability for the year. Calculate Bruce’s tax liability for the year ended 30 June 2018.

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