Question
Nick is a resident TP employed by Ace Ltd. The following transactions were all as a consequence of Nicks employment. Net weekly wages totaled $78,000
Nick is a resident TP employed by Ace Ltd. The following transactions were all as a consequence of Nicks employment.
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Net weekly wages totaled $78,000 for the year.
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Total PAYG tax withheld from weekly wages from Ace and forwarded to the ATO $19,000.
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Additional wages paid as a Christmas bonus of $6,000 (net of $4,200 PAYG tax withheld)
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Reimbursement of out-of-pocket travel cost of $1,200 incurred during employment.
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A travel allowance totaling $2,000. No PAYG was withheld.
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Ace paid health insurance premium for Nick and his wife of $2,750
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Superannuation contributed $10,000 to ACE Super Fund on behalf of Nick.
For each of the transactions indicate which amounts are to be included in Nicks assessable income
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