Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Elizabeth, a resident, carries on a retail business selling health foods to the public. Up to 30 April o the current tax year she operated

Elizabeth, a resident, carries on a retail business selling health foods to the public. Up to 30 April o the current tax year she operated her business from her own premises. On 30 April she sold her business premises and moved her business to a shopping centre where she leased retail space to run her business. Elizabeth provides you with the following facts: She received $560 000 in income from sales of health foods during the year to 30 June. She received a lease incentive of $14 000 on 25 April from the owner of the shopping centre for agreeing to enter into a lease agreement for 5 years. She received $700 000 from the sale of her business premises on 30 April. Ignoring capital gains tax, what amount should Elizabeth include in her assessable income for the current tax year ended 30 June?

Step by Step Solution

3.40 Rating (162 Votes )

There are 3 Steps involved in it

Step: 1

In determining the amount that Elizabeth should include in her assessable income for the current tax ... 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_2

Step: 3

blur-text-image_3

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

International Marketing And Export Management

Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr

8th Edition

1292016922, 978-1292016924

More Books

Students also viewed these Accounting questions

Question

13. What is the relationship between orexin and narcolepsy?

Answered: 1 week ago

Question

10. Why do most antihistamines make people drowsy?

Answered: 1 week ago