Explain (citing sections where appropriate) whether the following receipts are specifically exempt from income tax? (1 mark each)

i. An aviation society carried on for the profit of its members receives $50,000.

ii. A receipt of $5,00 by the taxpayer for a Commonwealth Trade Learning Scholarship.

iii. A family assistance payment being a single income family supplement paid to a household in Melbourne.

iv. The Prime Ministers Prize for Science awarded to a student.