Peter Russo is a director of ABC Pty Ltd. In the current financial year he has the following receipts and outgoings:

a) Salary of $100,000.00;

b) Rent from investment property of $10,000.00;

c) Travel expenses between home and work of $5,000.00; and

d) Expenses related to the operation of his business.

Calculate his assessable income and, in doing so, discuss the relevant legislation and case law used to reach your conclusions. (AASB)