Reference no: EM133051431

Question: Advise whether the following receipts are assessable or not assessable and explain why.

1) Employer pays tuition fees of $3,000 for Sydney's children

2) $1,070 net interest from bank ($930 tax deducted due to no TFN notified)

3) Received an award of $600 cash as employee of the month

4) Carer payment of $1,000 received from Centrelink in respect of his 70 year old ill father

5) Given a farewell gift worth $120 from work colleagues of his previous employment

6) Tax refund of $3,400 received from the ATO

7) Reimbursement of hospital expenses from Medicare $700

8) Gross Salary of $71,000 ( PAYG $11,400)

9) Car allowance of $2,500 received from employer

10) Unfranked dividend of $4,000

11) Proceeds of term deposit of $5,200 (includes principal of $5,000)

12) Lottery win of $45,000 Received lump sum of $50,000 due to loss of leg as a result of work accident

13) Prize of $200 won in a magazine competition

14) Birthday gift of $200 from uncle

15) Gross interest on saving account held jointly with spouse $1,000

16) Christmas bonus of $800 received from Employer

17) Fully franked dividend of $7,000 received from Westpac Bank

18) Received $2,400 from sickness and accident policy

19) Employer paid $1,000 in superannuation guarantee payments to the taxpayer's nominated superannuation fund

20) Workers compensation received by the taxpayer for lost wages