Advise whether the following receipts are assessable or not assessable and explain why.

1) Employer pays tuition fees of $3,000 for Sydney’s children

2) $1,070 net interest from bank ($930 tax deducted due to no TFN notified)

3) Received an award of $600 cash as employee of the month

4) Career payment of $1,000 received from Centrelink in respect of his 70 year old ill father

5) Given a farewell gift worth $120 from work colleagues of his previous employment

6) Tax refund of $3,400 received from the ATO

7) Reimbursement of hospital expenses from Medicare $700

8) Gross Salary of $71,000 ( PAYG $11,400)

9) Car allowance of $2,500 received from employer

10) Unfranked dividend of $4,000

Answer rating: 100% (QA)

Assessable or Not Assessable Income Sr Particular Assessable or not Reason 1 Tuition Fees Pai... View the full answer