James Lucas is 24 years old and lives in Nundah in Brisbane. James plays football professionally and has been under
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Step 1: Is there a legislative definition of 'ordinary income' under the ITAA?
Step 2: Is there a case law that defines 'ordinary income'? Consider the common law characteristics of ordinary income - have these been met on the balance? Does the receipt fit into any of the known categories of ordinary income: Step 2(a): Are any of the receipts 'income from personal exertion'? Step 2(b): Are any of the receipts 'income from property'? Step 2(c): Are any of the receipts 'income from business'?
Step 3: Are any of the receipts exempt or non-assessable non-exempt income?
Step 4: Are any of the receipts a kind of statutory income? The statutory provision usually prevails. Any receipts that do not fit into any of the above categories will not be a kind of assessable income.