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.