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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?
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