Jack is a manager employed by Hifi Pty Limited under a two-year contract. His employment package consists
Question:
Jack is a manager employed by Hifi Pty Limited under a two-year contract. His employment package consists of the following:
- annual salary of $120,000 payable monthly;
(ii) At Easter 2022 Hifi Pty Limited provides a "Bunny" hamper to Warren. As he is a more senior employee the hamper includes 10 bottles imported Mexican wine.
(iii) Rent of $40,000 received on a house he rents in Newcastle.
(iv) the sale of an investment property sold for $600,000 which he had acquired for $400,000 a year before.
You have been asked by your supervisor to provide a Letter of Advice to Ben of the tax consequences for him of these payments, receipts and entitlements.
Cite the relevant legislation and caselaw in your answer.
The Legal and Regulatory Environment of Business
ISBN: 978-0078023859
17th edition
Authors: Marisa Pagnattaro, Daniel Cahoy, Manning Magid, Lee Reed, Pe