Question

Assignment Task Three-case study

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 on 30 June CY which was not deposited in the taxpayer's bank account until 15 July of the following financial year.

c) Taxpayer's employer had a cash flow problem in the previous financial year and could not pay her all her salary. $9,000 of last year's salary was paid in the current year in addition to this year's salary of $55,000.

d) An employee received the sum of $1,600 on 13 June CY being in respect of 5-week long service leave commencing 30 June CY. The employee intended to return to work at the end of the period of leave. Would your answer be different if the leave commenced on 1 July the following year?

e) A landlord receives rent in advance from his tenants. Actual receipts for this financial year were $3,800 of which $250 was in respect of the month of July of the following year. An amount of $200 was received during the previous year in respect of the month of July CY.

Required

Indicate if assessable income has been derived and when it was derived in the above situations.

Answer 1

Answer: