Alex and Jim carry on a business in partnership and split any net income or losses...

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Alex and Jim carry on a business in partnership and split any net income or losses equally. Gross income for the current income year is $40.000, of which $8,000 is made on sales outside Australia (for which no expenses are incurred) Business expenses of $25,000 include a salary paid to Alex of $5.000. All expenses relate to Australian source income. What is Jim's assessable income assuming he is a non-resident? Alex and Jim carry on a business in partnership and split any net income or losses equally. Gross income for the current income year is $40.000, of which $8,000 is made on sales outside Australia (for which no expenses are incurred) Business expenses of $25,000 include a salary paid to Alex of $5.000. All expenses relate to Australian source income. What is Jim's assessable income assuming he is a non-resident?

Answer rating: 100% (QA)

To determine Jims assessable income as a nonresident we need to calculate the net ... View the full answer