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Robert, an Australia resident taxpayer, has three investments: a $25,000 term deposit with the Commonwealth Bank, paying 3% interest per year; an investment property in
Robert, an Australia resident taxpayer, has three investments: a $25,000 term deposit with the Commonwealth Bank, paying 3% interest per year; an investment property in Belconnen - the apartment is rented out for $420 per week; and he assigned the copyright in a book he wrote about rare birds of the ACT to a publisher who agreed him to pay him 10% of the proceeds from the sale of each book. He received $10,000 in royalties. Required: Discuss whether the amounts received are assessable income under section 6-5 of the ITAA 1997.
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