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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. 


Ignoring the capital gains tax provisions what amount would Paula include in her assessable income?

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