Oliver is a resident of Australia for tax purposes. He works at Green Acres, a firm of financial advisors specializing in advice relating to "sustainability living". During the current tax year, he received the following amounts:

Salary of $85,000 from Green Acres; an end-of-year bonus of $1,000 from Green Acres; $450 per week from tenants renting out a property that he owns; $300 from selling vegetables to neighbors. He grew these vegetables in his garden; and $9,000 winnings from betting at horse racing events.

Required: 

Advise Oliver whether any of these amounts mentioned above would be assessable income. Give reasons and refer to cases and sections of legislation where relevant in your answer

Answer rating: 100% (QA)

1 Salary of 85 000 from Green Acres This is typically considered assessable income and is subject to View the full answer