LAWS20060 TAXATION LAW OF AUSTRALIA INDIVIDUAL ASSIGNMENT TERM 1

QUESTION 4

Various taxpayers receive the following during the 2018/19 income tax year:
a) A prize of $2,000 for the best TV advertisement of the year. (3 marks)
b) $500 received by an employee from an employer for costs incurred to travel to Sydney for work. The employee bought a return ticket on sale for only $120
and stayed with a friend while in Sydney. One of the conditions of the work related trip was that the employee could keep whatever remained of the $500
as long as the work required to be performed in Sydney was completed. (3 marks)
c) An iphone worth $1,000 from a client. (3 marks)
d) $10,000 awarded as damages for personal injuries incurred by an individual in a car accident. (3 marks)
e) A taxpayer buys a share during the year for $5. On the 30 June, the taxpayer still owns the share but it is now trading at $7.50. (3 marks)
REQUIRED:
Discuss the accessibility or not of the above amounts. (Total 15 marks)