In the current income tax year Thomas has a phone business and sells $400,000 (excluding GS T) of mobile phones and receives a non-redeemable and non-transferable holiday from Ericsso n, a phone supplier, worth $6000 (excluding GST). Thomas also works as an independent contr actor for a phone manufacturing company as a sales agent and as Thomas was found to be the best salesperson, he was given $2000 from the company. The money is handed to Thomas at morning tea and is announced as 'a mere expression of the company's appreciation of his effor ts. Furthermore, Thomas bought a yacht for $15,000 but within six months it is sold for $25,000. By applying both the relevant sections of the law and by supporting your discussion with a relev ant case, assess Thomas's income for tax purpose. (5 Marks) In the current income tax year Thomas has a phone business and sells $400,000 (excluding GS T) of mobile phones and receives a non-redeemable and non-transferable holiday from Ericsso n, a phone supplier, worth $6000 (excluding GST). Thomas also works as an independent contr actor for a phone manufacturing company as a sales agent and as Thomas was found to be the best salesperson, he was given $2000 from the company. The money is handed to Thomas at morning tea and is announced as 'a mere expression of the company's appreciation of his effor ts. Furthermore, Thomas bought a yacht for $15,000 but within six months it is sold for $25,000. By applying both the relevant sections of the law and by supporting your discussion with a relev ant case, assess Thomas's income for tax purpose