(a) An amount of $100 received from the local tennis club in recognition of your assistance with their club accounts

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)  



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