Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Abhishek is employed during the financial year ending 30th June 2020 as a lecturer at the Universe College in Sydney with a total salary of

image text in transcribed
Abhishek is employed during the financial year ending 30th June 2020 as a lecturer at the Universe College in Sydney with a total salary of $100,00 for that financial year plus his employer pays to Unisuper the compulsory superannuateon contribution of $9,500. The Universe College also deducted PAYG from his $100,000 pay amounting to $30,000 which they remitted on his account to the ATO Abhishek had allowable deductions in relation to his employment income of $2,000 Earlier in his life, on 151 January 2000, Abhishek had bought a vacant block of land for $250,000 and since that date, he has paid rates and taxes totalling $50,000 on the block of land up to 30th June 2020. His incidental costs in buying and selling the land amount to $40,000 On the 30th June 2020, Abhishek sold the vacant block of land for $400,000 In May 2020, Abhishek decided to take a night off and he got lucky winning $200,000 playing against the Goodluck Casino on the roulette table. H Required: Part a (15 marks) What is Abhishek's ordinary income for the year ended 30 June 2020

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental Financial Accounting Concepts

Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Mark Edmonds, Christopher Edmonds

10th Edition

126015940X, 978-1260159400

More Books

Students also viewed these Accounting questions

Question

Write short notes on Interviews.

Answered: 1 week ago

Question

Define induction and what are its objectives ?

Answered: 1 week ago

Question

Discuss the techniques of job analysis.

Answered: 1 week ago

Question

How do we do subnetting in IPv6?Explain with a suitable example.

Answered: 1 week ago