Which of the following is least likely to be assessable income of an accounting trainee?

1. A $500 cash bonus given to all employees at the end of the year by their employer in appreciation of their efforts. ?
2. A reimbursement of $364 from their employer for the costs of accounting study textbooks the trainee purchased.
3. An overtime payment of $620 for working over a weekend to complete an urgent audit.
4. A prize of $100 received from the national CPA Australia accounting body for coming first place in their University taxation class.
5. All of the above are assessable.

Which of the following amounts is least likely to be assessable income of a resident taxpayer

1. s11-15 defines the types of income that would be exempt.
2. Income splitting via a partnership is possible if all partners have "significant" input of either time or capital.
3. Assessable income as per cash basis is only appropriate for non-business income or in limited cases where business income is derived from providing knowledge or skill and service provided on a personal basis.
4. Business income is a statutory income .

Which of the following amounts is most likely to be classified as ordinary income under s6-5 of the ITAA 1997?

1. Reimbursement of an employees work related expenses.
2. Interest received on a private loan made by an employer to their employee.
3. Proceeds from the sale of a rental property held by the taxpayer for several years.
4. Profits from the sale of shares by a taxpayer who is a full time employee.
5. A payment received by a taxpayer as their share of their mothers deceased estate in accordance with her will.