Specify for each of the following transactions whetherit is assessable income, exempt income, or non-assessable non-exempt income.

( a ) Janicereceived gross wages of $74,000 from her husband then for working in his car repairbusiness. The Commissioner has indicated that only $2O,OOO is reasonable for the work that she performs and has allowed lien a deduction of only $20,000.

 

( b ) Veronica received the use of a sports car as a fringe benefit. The taxable value was $18,400.

 

( c ) Reece derived sales from customers amounting to $22,000. This included $2,000 of GST collected with the sales.

 

 

( d ) Marianne receives an expense payment fringe benefit of $4,300 from her employer.

Answer rating: 100% (QA)

a Janice received gross wages of 74000 from her husbands car repair business but the Commissioner ha... View the full answer