Question
Dan Sackville works for Roller Coaches Pty Ltd. In August of the current tax year, he received a gross payment of $4500 from his employer.
Dan Sackville works for Roller Coaches Pty Ltd. In August of the current tax year, he received a gross payment of $4500 from his employer. The payment comprised the following components: Wages (for work in June of the prior tax year) $2000 Wages (for work in July of the current tax year) $2000 Clothing allowance $500 The clothing allowance was designed to cover the cost of Dan's work-related clothing. Dan spent $800 on work-related clothing in the current tax year. Roller Coasters Pty Ltd withheld $900 for PAYG from the total gross payment of $4,500 and Dan received a cheque for the net amount of $3600. In relation to the payment, what is Dan s assessable income in the current tax year? $4,000
$2,500
$4,500
$2,000
$3,600
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started