Which of the following is most likely to be taxable food for GST purposes?

• Milk sold in a supermarket.
• Tea bags sold in a supermarket.
• Natural spring water sold in a supermarket.
• Salted peanuts sold in a supermarket.
• Fruit juices containing at least 95% fruit juice sold in a supermarket.

Q:

In relation to business income, which of the following statements is most correct?

• The proceeds from the sale of land purchased in 1986 to carry on a farming business will be ordinary income.
• The value of a shop fit-out received by a lessee as a lease incentive will always be ordinary income.
• If a business earns an amount from an unusual or one-off transaction it will not be assessable income.
• Australian courts tend to take a narrow view of the scope of business.
• The proceeds from the mere realisation of an investment or an income earning property are not always ordinary income.