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Which one of the following statements is incorrect? a. Mutual receipts are not assessable income. b. A principle from the case of Payne v FCT
Which one of the following statements is incorrect? a. Mutual receipts are not assessable income. b. A principle from the case of Payne v FCT is that the value of frequent flyer points derived from employment related travel is assessable as income. c. From the decision in Kelly v FCT (1985) it is clear that prizemoney derived by a taxpayer and which is directly related to their employment can be assessable income, even where it is received by a third party who is not their employer. d. Section 26-5 ITAA97 ensures that there is no deductions available for speeding fines. e. A taxpayer who is not a resident under the resides test and who has an Australian domicile and a permanent place of abode outside Australia is not a resident of Australia under the domicile test
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