Anika works full-time as a teacher and has a farm where she trains five greyhounds for racing.
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Question:
Anika works full-time as a teacher and has a farm where she trains five greyhounds for racing. During her spare time she places many bets at greyhound races. Last year she placed 504 bets and won $15,500. She keeps a spreadsheet containing records of the bets and attends many greyhound races.
Advise whether Anika's gambling winnings would be assessable, referring to case law and legislation, and tax rulings where appropriate.
· Identify and appropriately explain the range of tax issues connected with the fact scenarios posed in the questions.
· Apply Australian case law, legislation, and tax rulings (where appropriate) to the fact scenarios posed in the questions.
Expert Answer:
Answer and explanations Yes Anikas gambling winnings will be assessable Stepbystep explanation Yes i... View the full answer
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