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During the current tax year, Erin received the following amounts: Salary and wages income of $98,000. $4,200 interest from a bank term deposit of $50,000.
During the current tax year, Erin received the following amounts:
- Salary and wages income of $98,000.
- $4,200 interest from a bank term deposit of $50,000.
- $500 per week for 50 weeks of the year from a rental property she owns.
- Winnings of $10,000 on the poker machines.
- $500 from selling eggs that her chickens laid to friends.
- A holiday bonus of $1,000 from her employer.
- A watch worth $200 from a happy client.
Can you please show me how to calculate Erins taxable income for the 20192020 income year. Show all your calculations and provide reasons for your answer. Your answer should reference relevant sections and divisions of the Income Tax Assessment Acts, relevant case law and relevant rulings from the Australian Taxation Office.
apparently my question needs more information, can you please tell me what further information it needs? this was assigned to my class?
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