Caleb, a high school wood and metal work teacher, has provided details of the following transactions during the year ended $30$ June $2023$:

$-$ Recieved salary of $$104,000$ for the school he is employed at$.$

$-$ Received a fully franked dividend of $$1,800$ on Westpac Bank shares.

$-$ Won $$500$ in the school football tipping competition.

$-$ Received $$3,000$ from the sale of handmade wooden utensils which he makes in his spare time.

$-$ Received a bottle of vintage wine valued at $$100$ as a Christmas present from the parent of a student.

With reference to relevant legal authority, advise Caleb on how the above amounts would be treated for taxation purposes.

Answer rating: 100% (QA)

Regarding the treatment of the mentioned amounts for taxation purposes we refer to Australian tax laws Please consult a registered tax agent or profes... View the full answer