Question
1.Cameron works as a construction worker. During the 2020 financial year, he received the amounts listed below. Advise Cameron about the amounts to be included
1.Cameron works as a construction worker. During the 2020 financial year, he received the amounts listed below. Advise Cameron about the amounts to be included in his 2020 tax return as Assessable Income. Also give reasons why amounts are to be excluded. Refer to related tax legislation.
Salary payments totaling $200,000 from him employer, (b) a bonus payment of $5,000 that was earned during May 2020, yet not paid into his bank account until 25 July 2020, (c) a Net Capital Gain of $10,000 from selling his speedboat, (e) a total of $5,000 earned from selling handmade fishing lures he only makes and sells the lures in his spare time and for fun.
Can you please answer it with in 15 minutes please?
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