Giuseppe, a resident Australian employee, received the following amounts for the year ended 30 June 2022.

(a) $35 000 salary and wages from sources in Australia. (b) $1500 from tips as a part-time waiter. (c) A bonus of $2500 from his employer paid into his bank account on 2 July 2022. (d) $1000 bank interest. (e) $10 000 prize from a lottery. (f) A $5000 gold watch from the sponsor of his local soccer club for winning the Clubs best player award.

Calculate Giuseppes assessable income for the year ended 30 June 2022.

2) As a tax accountant, you are trying to prepare the income tax return for one of your clients, Jennifer Gallen, for the 202122 income year and she included a list of CGT transactions that she entered into during this income year.

On 1 October 2021, she sold 1800 shares at the price of $76 per share. She acquired those shares in September 2017 for a total price of $88 000.

On 30 December 2021, she sold her rental property for $920 000 after deducting all the fees and costs associated with the transaction. She bought the property in 2010 with a total cost base of $430 000.

On 3 April 2022, she received $450 000 from the disposal of other shares that she purchased in June 2020 for $320 000.

In May 2022, a painting by a famous artist, which was owned by Jennifer, was stolen. Unfortunately, she did not insure this painting. She bought the painting in 2015 for $1300 and the current market value of this painting was $2600.

Also, she had a net capital loss of $230 000 from prior years that she could carry forward to offset other capital gains.

Calculate the net capital gain or loss for Jennifer and apply the relevant law provisions to minimise her tax liability when relevant

3) On 1 July 2021, Harrisons employer, WeFixCars Ltd, offered him a loan of $80 000 at a favourable annual interest rate of 1.8 per cent to assist the purchase of his first home. Harrison used $12 000 from this loan for a Treasury bonds investment to help cover the interest from the loan.

Calculate the FBT liability incurred by WeFixCar in providing this fringe benefit for the FBT year ending 31 March 2022.