Sam sold a yacht on the 15th May 2023. Sam purchased the yacht in May 2019 for $210,000. Sam used the yacht to holiday in cairns.
is this an assessable income? You must cite legislative references, case law and tax rulings as applicable. Emphasis is on providing substantiation for your reasoning to include as assessable income.

Answer rating: 100% (QA)

In many tax jurisdictions whether the sale of a yacht is considered assessable income depends on var... View the full answer