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Calculate laurie taxable income for the tax year

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Reference no: EM132738922

Question: (a) Laurie Howe, a resident taxpayer, operates a small Café. She lives with her husband Nick.

During the income year of 2019/2020, Laurie had the following transactions:

Items Amount

Sales $336,800

Purchases of trading stock (including cakes and cones supplied by her husband Nick for $12,000 which had a market value of $7,000) 124,100

Trading stock on 1 July 2019 15,300

Trading stock on 30 June 2020 8,900

Other deductions 143,200

Ignore any personal consumptions of the trading stock by Laurie and her husband.

Required: Calculate Laurie's taxable income for the 2019/2020 tax year.

Reference no: EM132738922

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