Question
Helen is a retailer operating in Toowoomba and she received the following amounts during the current tax year ended 30 June: Helen received $230 000
Helen is a retailer operating in Toowoomba and she received the following amounts during the current tax year ended 30 June: Helen received $230 000 from the sale of an investment property she had held for 15 years. Helen received $45 000 from her insurance company to compensate her for the loss of trading stock in her store as a result of a flood. Helen received $30 000 from the local city council to compensate her for the loss of profits resulting from major roadwork undertaken by the council that restricted customer access to her shop. Helen received $43 000 as an incentive to enter into a lease of a new shop premises where Helen was motivated to sign the contract because of the money received. Ignoring the capital gains tax provisions what amount would Helen include in her assessable income? Question 1Select one: 1. $30 000. 2. $73 000. 3. $348 000. 4. $75 000. 5. $118 000.
Step by Step Solution
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Step: 1
To determine the amount Helen would include in her assessable income we need to consider the nature of each receipt 1 230000 from the sale of an inves...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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