Peter Russo is a director of ABC Pty Ltd. In the current financial year he has the
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Question:
Peter Russo is a director of ABC Pty Ltd. In the current financial year he has the following receipts and outgoings:
a) Salary of $100,000.00;
b) Rent from investment property of $10,000.00;
c) Travel expenses between home and work of $5,000.00; and
d) Expenses related to the operation of his business.
Calculate his assessable income and, in doing so, discuss the relevant legislation and case law used to reach your conclusions. (AASB)
Expert Answer:
Salary 10000000 Rent from investment property 1000000 Travel expenses between home and work 5000 Assessable Income 115000 Explanation Income of any ki... View the full answer
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