Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jean received the following amounts in the current tax year ended 30 June: A fringe benefit to the value of $2000 from his employer. A

Jean received the following amounts in the current tax year ended 30 June:

  1. A fringe benefit to the value of $2000 from his employer.

  2. A payment of $10 000 from his former spouse which was a court ordered maintenance payment.

  3. A compensation payment of $5000 for the loss of a finger during an accident.

  4. Jean received $8000 from a casino win.

Based on these receipts what amount would Jean include in his assessable income for current tax year ended 30 June?

Select one:

1. $15 000.

2. Nil.

3. $2000.

4. $17 000.

5. $25 000.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

CISA Certified Information Systems Auditor

Authors: Michael Gregg, Robert Johnson

1st Edition

078975844X, 978-0789758446

More Books

Students also viewed these Accounting questions