This paper circulates around the core theme of (a) An amount of $100 received from the local tennis club in recognition of your assistance with their club accounts together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.
Question 1 10 Marks Briefly explain the extent, if any, to which each of the following receipts would be assessable income, exempt income, non-assessable non-exempt income or a capital gain of an Australian resident taxpayer if derived in the current year of income: In your answers, refer as appropriate to the ITAA 1936, ITAA 1997, Tax Rulings and/or case law. Required: (a) An amount of $100 received from the local tennis club in recognition of your assistance with their club accounts. (2 marks) (b) Receipt of an amount of $10,000 from an insurance company to compensate for pain and suffering from a neck injury sustained in a car accident. (2 marks) (c) Sale of a lounge suite for $800. The lounge suite was purchased at a garage sale for $300 three months beforehand. (2 marks) (d) The following figures relate to the trading stock of a retailer for the year ended 30 June 2013: Opening stock (market value) $ 75,000 Closing stock (market value) $ 89,000 (2 marks) (e) Jana commenced 3 months long service leave on 20 June 2013. She received a lump sum of $15,000 representing her salary for the period of the long service leave on 2 July 2013. (2 marks)