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Paula is a retailer operating in Toowoomba and she received the following amounts during the current tax year ended 30 June: Paula received $320 000
Paula is a retailer operating in Toowoomba and she received the following amounts during the current tax year ended 30 June: Paula received $320 000 from the sale of an investment property she had held for 15 years. Paula received $37 000 from her insurance company to compensate her for the loss of trading stock in her store as a result of a flood. Paula received $50 000 from Margaret for the sale of a depreciating asset that Paula had used in her business. The adjustable value (WDV) of the depreciating assets was also $50 000 at the time of disposal. Paula received $24 000 as an incentive to enter into a lease of a new shop premises where Paula was motivated to sign the contract because of the money received.
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