Cameron works as a construction worker. During the 2020 financial year, he received the amounts listed below. Advise Cameron which amounts to include in his 2020 tax return as Assessable Income. Also give reasons why amounts are to be excluded. Refer to law.

Salary payments totaling $200,000 from him employer, private use of a company car provided by his employer (Taxable Value of $15,000), a bonus payment of $5,000 that was earned during May 2020, yet not paid into his bank account until 25 July 2020, a Net Capital Gain of $10,000 from selling his speedboat, (e) a total of $5,000 earned from selling handmade fishing lures – he only makes and sells the lures in his spare time and for fun. ( AUSTRALIAN LAW)

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Answers a Salary payments totaling 200000 from him employer included in Camerons tax return as assessable income b Private use of a company car provided by his employer Taxable Value of 15000 included ... View the full answer