Question 1 Is ordinary income defined in either ITAA? Why, or why not? Question 2 Discuss the following comment: "All individuals and companies need to pay tax on every receipt of money received throughout the income year. If you receive any amount of money you need to pay tax" Question 3 Which of the following are assessable as ordinary income under 56-5 ITAA97, and why? 1. Wages and tips received from part-time employment 2. Employer's present of two tickets to Monster World worth $300 3. Employer's present of two non-transferable tickets to Monster World worth $300 4. Gift of $400 conditional on mowing neighbour's lawn for three months 5. An unfranked dividend 6. Weekly compensation payments to a self-employed person out of a personal disability insurance fund. Question 4 Mason is a professional golfer. He works full-time at an international golf as one of their resident golf professionals. At times during the year, he attends professional tournaments caddying for a few of his professional golfer colleagues. Mason regularly receives tips as a result of his efforts in tournaments. Mason has earned the following in the CIY: Salary $80,000 Tournament bonuses $8,000 $12.000 Total $100.000 Tips In addition to the above, Mason also received a sizeable bonus of $10,000 cash as a thank you caddying for a winning player and some golfing equipment valued at $6,000 from one of his clients at the golf course. What is Mason's assessable income for the current income year