Elle started a business selling books from a shop (the shop is leased) in July 2019. She tells you that she has had a very tough year and that her total sales for the year were only $18,000 and that with expenses of $26,000 the shop has in fact made a loss of $8,000 for the year. Elle estimates that the value of her trading stock and plant and equipment come to only $62,000 and that the market value of the building (out of which she operates the book shop) as at 30 June 2016 is $350,000. Elle also received bank interest of $20,000 and has no other income and expenses for the year ending 30 June 2020. What is Elle's likely taxable income?

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The Answer of Elle started a business selling books from a shop (the shop is leased) in July 2019. She tells you that she has had a very tough year and that her total sales for the year were only $18,000 and that with expenses of $26,000 the shop has in fact made a loss of $8,000 for the year. Elle estimates that the value of her trading stock and plant and equipment come to only $62,000 and that the market value of the building (out of which she operates the book shop) as at 30 June 2016 is $350,000. Elle also received bank interest of $20,000 and has no other income and expenses for the year ending 30 June 2020. What is Elle's likely taxable income?

Elle Started a Business Selling Books from a Shop (The