Indicate if assessable income has been derived and when it was derived in the following situations. 

(a) An employee received the sum of $1,500 on 29 June CY being in respect of long service leave commencing 30 June CY and terminating five weeks hence. The employee intended to return to work at the end of the period of leave. Would your answer be different if the leave commenced on 1 July the following year? (e) A taxpayer lent a friend $10,000. Interest was payable at 10% p.a. The friend paid the taxpayer $1,000 by cheque on 30 June CY which was not deposited in the taxpayer's bank account until 15 July of the following financial year. (f) Jeannie's employer had a cash flow problem in the previous financial year and could not pay her all her salary. $10,000 of last year's salary was paid in the current year in addition to this year's salary of $55,000.

Answer rating: 100% (QA)

a An employee received 1500 on 29 June CY for long service leave commencing 30 June CY and termina... View the full answer