Question 2a

For each of the eight situations below (i viii):

• Specify whether the amount received is assessable income, exempt income, excluded income or a non-income receipt. In each case, assume the recipient is an individual who is a New Zealand tax resident.
• Provide a statutory reference (for all items other than non-income receipts).
• Provide a brief reason for your answer.

i. Interest of $650 received on a BNZ term investment for 6 months.

ii. Beneficiary income of $4,560 received from a complying family trust.

iii. A receipt of an insurance pay-out of $15,850 for storm damage caused by Cyclone Gabrielle to a private home.

iv. A receipt of a $248 fee for doing jury service.

v. A distribution of $3,645 from a multi-rate PIE.

vi. A payment of $13,250 to a book author from a book publisher calculated at 10% of each book it sells.

vii. A prize of $2,350 won in a Lotto draw.

viii. A receipt of a $1,245 fee for acting as an extra in a film.