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Determine the nazmi taxable professional income

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Reference no: EM133068725

Question - Nazmi Kim is a professional Rhythmic Gymnast(sportsman) who competes throughout Australia. During 2020/21 Nazmi received the following amounts:

Net income from conducting business as a clothing retailer 100,500

Prize money and appearance fees for competitions 158,000

Interest from savings account 780

Fees from coaching 28,800

Sponsorship from Armco gymnastics 30,000

Nazmi also incurred the following costs during the year:

Travel to competitions and performances 6,350

Uniform for her clothing store. 500

Required - Determine the Nazmi's taxable professional income?

a. $181,650

b. $150,450

c. $311,230

d. $258,500

Reference no: EM133068725

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