Question
In which case did the taxpayer derive assessable income during the year ended 30 June 2020? a. Fridge World sells refrigerators. On 30 June 2020,
In which case did the taxpayer derive assessable income during the year ended 30 June 2020?
a. | Fridge World sells refrigerators. On 30 June 2020, it sells a refrigerator for $2,000. The customer enters into a lay-by arrangement by paying an initial deposit of $400. For the next four weeks, the customer continues to make $400 payments until the final $200 instalment is paid on 2 August 2020; | |
b. | Learn to Dance is a dancing school. On 30 June 2020, it receives a non-refundable upfront payment of $150 from a customer for 3 dancing lessons (ie. $50 each). The three dance lessons are conducted on 6 July, 13 July and 20 July 2020; | |
c. | Malik received a $10,000 bonus from his employer on 12 July 2020 in appreciation of his hard work for the year ended 30 June 2020; | |
d. | Julie, a chartered accountant practicing as a sole practitioner, invoiced some clients $12,000 on 30 June 2020 for services provided up to that date. Julie received this amount in the mail on 10 July 2020. |
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