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GEMMA is a resident taxpayer who runs a mixed business corner store in Melbourne. During the last financial year, GEMMA (who is married and has
GEMMA is a resident taxpayer who runs a mixed business corner store in Melbourne.
During the last financial year, GEMMA (who is married and has one child aged 9) recorded the following business transactions:
- Sales $150,000
- Purchase of Trading Stock $40,000
- Stock donated to her child's school for fundraising: $1,000
- Stock donated to the RSPCA (DGR charity) $5,000
- Opening Stock Value: $50,000
- Closing Stock Value: $60,000
Other Information:
- GEMMA has opted to rely on the Commissioners standard value to account for drawings on trading stock.
Required: Calculate Ginas taxable income for the most recent financial year. Be sure to use the most recent figures released by the ATO and refer to sections in the Tax legislation where relevant to do so.
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