The following information relates to the financial year ending 30 June 2022. from 1 July 2021 to 31 January 2022, Philip works as a waiter at a local restaurant and is paid $23.00 per hour. He works 3 x 5-hour shifts each week. You can assume the total amount received in wages during this period is $9,600. In addition, he often receives tips from diners. The amount he receives varies, but is generally between $30 - $50 for each shift. You can assume that the total amount of tips received during this period was $3,200.

In September 2021, Philip’s employer gives him an “employee of the month” award.

This award is given to an employee each month based on the positive feedback received from customers. The award is a $500 bonus.

In November 2021, Philip received a prize for receiving the highest mark in the subject “Advanced Taxation”. The prize was a non-transferrable $200 gift voucher to the UNSW Bookshop.

In the period from 1 July 2021 to 15 November 2021 when Philip was still at university, he received Youth Allowance from the Australian Government, with the total amount received is $2,400. In February 2022, Philip starts a graduate position with an accounting firm in the Sydney CBD. His annual salary is $80,000 plus $7,600 compulsory superannuation.

You can assume the salary received by 30 June 2022 was $33,000. Advise Philip as to whether any of the amounts or benefits he receives under the above transactions are ordinary income to him (i.e. do not consider statutory income provisions, FBT, or CGT). Assuming Philip does not receive any other benefits/amounts apart from those listed above, calculate his assessable income for the year ended 30 June 2022.

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Wages from waiter job 9600 Ordinary Income Amounts wages Philip received related to employment or pr... View the full answer