Hi, can you help me to solve this question Q Client 1 is a member of Australias Olympic Team having recently competed in the 2016 Olympic Games in Rio During the year ending 30 June 2016 she received the following two sums of money $20,000 from the Australia Olympic Committee (AOC) under their Medal Incentive Funding program based on her winning a gold medal at the World Swimming Championships in 2015 $10,000 from the Australian Government under the Direct Athlete Support Scheme Your client is supported by her parents and received no other amounts of income for the year ended 30 June 2016 You are required to advise your client as to whether either of the two amounts she received are assessable income Thank you )

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 14, 2024

Hi, can you help me to solve this question? Q: Client #1 is a member of Australias Olympic Team having recently competed in the 2016

Hi, can you help me to solve this question?

Client #1 is a member of Australias Olympic Team having recently competed in the 2016 Olympic Games in Rio. During the year ending 30 June 2016 she received the following two sums of money:

$20,000 from the Australia Olympic Committee (AOC) under their Medal Incentive Funding program based on her winning a gold medal at the World Swimming Championships in 2015.
$10,000 from the Australian Government under the Direct Athlete Support Scheme.

Your client is supported by her parents and received no other amounts of income for the year ended 30 June 2016.

You are required to advise your client as to whether either of the two amounts she received are assessable income.

Thank you. :)