CASE STUDY - PERTH 4 Tim Wong is a single resident taxpayer who is employed as a golf professional by Myrtle Hill Golf Club. Tim also holds investments including shares and real estate and has provided details of transactions that he believes relate to the 2023 income year. You are required to provide the following information to assist with the preparation of Tim's 2023 income tax return:

PART B Calculate Tim's Assessable Income. Identify the relevant section reference for each inclusion or exclusion. Clearly show all necessary workings.

RECEIPTS DURING 2022/23 DATE DESCRIPTION NOTES FULL YEAR Net Salary 79.200 PAYGW totalled $ 21,300 FULL YEAR Rent from property in Albany 20.800 Includes $2,800 of rent paid in advance for July & August 2023 FULL YEAR Clothing allowance 4.800 FULL YEAR Part-time wages - Air Force reserves 8,000 22/07/22 Dividend from Ordinary Ltd 980 40% franked at 30% tax rate 29/09/22 Reimbursement of work travel expenses 2,100 29/10/22 Proceeds from sale of shares in Hesitant Ltd 18,400 Originally purchased in 2015 for $10,500 26/11/22 Dividend from Exceptional Ltd 9.100 |Fully franked at 30% tax rate 14/01/23 Proceeds from sale of vacant land 200,000 Originally purchased in 2018 for $240,000. Sold to daughter to build home. Market value upon disposal $370,000 19/04/23 Proceeds from sale of shares in Front Foot Ltd 7.500 Purchased in July 2022 (refer to payments) 28/06/23 Proceeds from sale of antique 2,000 Purchased in 2016 for $400 OTHER INFORMATION al On 1 June 2023. Tim gave his car to his niece. The car had cost Tim $18,000 in 2020 and had a market value of $12,500. bJ Tim had $57.300 of capital losses brought forward from 2020 relating to the sale of shares in Tanked Ltd that had performed badly. c) As at 30" June 2023. Tim became entitled to a bonus of $4,000 for workplace performance which he elected to have paid directly into his mother's bank account.RECEIPTS DURING 2022/23 DATE DESCRIPTION $ NOTES FULL YEAR Net Salary 79.200 PAYGW totalled $ 21,300 FULL YEAR Rent from property in Albany 20.800 Includes $2,800 of rent paid in advance for July & August 2023 FULL YEAR Clothing allowance 4.800 FULL YEAR Part-time wages - Air Force reserves 8,000 22/07/22 Dividend from Ordinary Ltd 980 40% franked at 30% tax rate 29/09/22 Reimbursement of work travel expenses 2,100 29/10/22 Proceeds from sale of shares in Hesitant Ltd 18,400 Originally purchased in 2015 for $10,500 26/11/22 Dividend from Exceptional Ltd 9.100 Fully franked at 30% tax rate 14/01/23 Proceeds from sale of vacant land 200,000 Originally purchased in 2018 for $240,000. Sold to daughter to build home. Market value upon disposal $370,000 19/04/23 Proceeds from sale of shares in Front Foot Ltd 7.500 Purchased in July 2022 (refer to payments) 28/06/23 Proceeds from sale of antique 2,000 Purchased in 2016 for $400 OTHER INFORMATION al On 1 June 2023. Tim gave his car to his niece. The car had cost Tim $18,000 in 2020 and had a market value of $12,500. by Tim had $57.300 of capital losses brought forward from 2020 relating to the sale of shares in Tanked Ltd that had performed badly. c) As at 30" June 2023. Tim became entitled to a bonus of $4,000 for workplace performance which he elected to have paid directly into his mother's bank account