Assignment Task Three
a) A taxpayer received a lump sum of $91,333 on redemption of a
fixed deposit. This represented the original principal of $80,000
and interest for the previous year of $3,000. This interest was
rolled over with the principal and invested for another 12 months.
The remaining $8,333 was the interest accrued on this total of
$83,000.
b) A taxpayer lent a friend $10,000. Interest was payable at 10%
p.a. The friend paid the taxpayer $1,000 by cheque...