Damien Cayuca, a resident taxpayer operates a mixed business. Damien lives with his wife and children aged17,15,11 and 3. During the 2021/22 tax year, Damien had the following transactions:

Sales 854900

Purchases of Trading Stock 432600

Stock1 July 2021 71200

Stock 30 June 2022 (cost) 83900

Other deductions 131400

• Damienchoosestousethe Commissioner's prescribed rates for stock taken for his own use.
• Included in Damien's purchases is$40,000paidinadvance forstock thatwillnotbedelivereduntilJuly2O22.

Included in Damien's closing stockis $3,000 of perishable goods that are now outof date and not saleable.

Using the above data, calculate Damien's taxable income for the

2021/22taxyear.

Answer rating: 100% (QA)

To calculate Damiens taxable income for the 202122 tax year we need to consider the following compon... View the full answer