Question
In relation to assessable income, which of the following statements is CORRECT ? a)Exempt income and non-assessable non-exempt income are included in assessable income. b)A
In relation to assessable income, which of the following statements isCORRECT?
a)Exempt income and non-assessable non-exempt income are included in assessable income.
b)A waiter receiving a $10 tip from a happy restaurant customer is an example of an assessable voluntary payment from a third party.
c)In the decision of FCT v Cooke and Sherden 80 ATC 4140 it was held that the receipt of free holidays by retailers from manufacturers was income under s 25(1) ITAA36 (equivalent to s 6-5)because it was convertible into money or money's worth.
d)A capital gain derived under the capital gains tax provisions is an example of ordinary income.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started