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Partnership between Rasheed and Rizwan continues. The current revenue year's gross income is $40,000, of which $8,000 comes from sales made outside of Australia (for
Partnership between Rasheed and Rizwan continues. The current revenue year's gross income is $40,000, of which $8,000 comes from sales made outside of Australia (for which no expenses are incurred). Mahmood received a $5,000 "salary" as part of the business's $25,000 in costs. Every spending relates to income with an Australian source.
Required:
Determine the taxable income of:
1. Rasheed, presuming he resides there; and
2. Rizwan, in the event that he is a non-resident.
(15 marks)
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